Our Governance
07Governance structures and delegation
How the Chairman, Managing Director and Corporation Secretary put delegation into practice through their respective leadership, management and governance responsibilities.
Structure and skills create value only when authority is clearly delegated and exercised. Management, led by the Managing Director, runs daily operations on matters not reserved for the Board. Robust processes delegate authority from the Board and its committees to the MD and EXCO, with accountability maintained through a feedback loop to members.
Board Chairman – responsibilities and value created
Dr. David Ogong, an Independent Non-Executive Director, has been Chairman since 1 September 2024, with his term ending 31 August 2027. He exercises his responsibilities separately and distinctly from the Managing Director – a separation of authority that underpins governance integrity.
Chairman’s responsibility
Leading the Board to ensure it operates effectively and upholds high governance standards.
Value created / preserved
See outcomes of preliminary desktop assessment against King V™. ICGU Resilience and Sustainable Impact Award received October 2025.
Chairman’s responsibility
Fostering a culture of openness and discussion to create a high-performing and collaborative team.
Value created / preserved
Most decisions reached by consensus. Overall Board attendance: 89.0% (FY2024/25: 81.0%).
Chairman’s responsibility
Regularly reviewing and addressing strategic issues, member concerns and stakeholder views.
Value created / preserved
Provided leadership through approval and the first year of Vision 2035, aligning Board priorities with strategic execution.
Chairman’s responsibility
Facilitating the relationship between the Board and the MD, providing oversight, guidance, and support.
Value created / preserved
Agreement on revised aspirational strategy. No critical leadership gap. Joint Board and EXCO strategy sessions?
Chairman’s responsibility
Ensuring timely and quality information flows between the Board and management.
Value created / preserved
Quarterly committee reports maintained and the combined assurance model reviewed. Sub-committees met regularly: ARC 10 times; Finance Committee 9 times; IPMC 5 times; SACA 8 times.
Chairman’s responsibility
Setting meeting agendas that focus on the Fund’s strategic direction and performance.
Value created / preserved
Board met 8 times in FY2025/26 (FY2024/25: 10 times). All scheduled meetings held. Board work plan fully executed.
Chairman’s responsibility
Allowing sufficient time for discussions on all agenda items.
Value created / preserved
Joint Board and EXCO Strategy Workshop held (11 and 12 February 2026); benchmarking exercise (Indonesia, May 2025) completed.
Chairman’s responsibility
Leading performance assessments for the Board and individual Directors.
Value created / preserved
ICGU external evaluation completed FY2023/24; internal evaluation conducted annually; prior recommendations implemented. Next external evaluation due FY2026/27.