Government’s investment arm; Botswana Development Corporation (BDC) has lost two of its key managers who were initially roped into the new structure during the corporation’s trailblazing restructuring exercise.
BDC’s Head of Marketing and Communications, Boitshwarelo Lebang last week confirmed the exit of the corporation’s Business Development Manager and Due Diligence and Financial Structuring Manager, who were both working within the operations department.
“Yes, the two have separated from BDC,” she said.
Uproar has erupted at the government investment arm; Botswana Development Corporation (BDC) over its selective implementation of exit packages for employees who were axed during the corporation’s restructuring exercise.
Reports indicate that there are disagreements over the corporation’s selective implementation of the exit packages, as employees who were absorbed into the new structure and later quit the organisation negotiated, demanded and were granted very high severance benefits while the same criteria was not implemented in the case of other employees.
. We cannot comment on employee/employer contractual issues as these are confidential by nature and we strive to protect the privacy of all parties. It should be noted that at all times BDC adheres to the highest forms of governance and fairness as dictated by our policies and processes,” said Lebang.
Asked if the positions have been filled already and whether the posts advertised or head hunted she said “s our transformation programme is complete, any staff changes resignations or recruitment are part of normal business activity”.
She further stated that BDC organizational structure was developed and approved in October 2014 as part of the overall transformation programme. She added that the organization programme included not only a new organizational structure ÔÇô but also new policies, processes and frameworks. She said any staff changes since then are part of ordinary staff turnover.
Asked further on the current status of BDC regarding it restructuring process, she stated that BDC organizational structure was developed and approved in October 2014 as part of the overall transformation programme, adding that the programme included not only a new organizational structure, but also new policies, processes and frameworks.
“Through our transformation programme, the corporation right-sized the structures from 90 to 40 employees. This was keeping in line with best practice venture capital and development finance firms,” said Lebang.
Meanwhile, the corporation is due to release its financial performance. Previously, the Group’s financial performance showed steady gains during the year that ended June 2014.
The Group realised a Profit before Tax (PBT) of P35.7million representing a 166 percent increase over the prior year. The Group’s statement of financial position also grew by a healthy 15 percent to P3.6 billion from P3.2 billion while the net assets of the company were P2.5 billion, a 12 percent increase from the previous year.
At the time, the revenue for the BDC Company grew from P101.7 million to P150.4 million representing a 48 percent increase from the previous year adding that the group’s revenue, however, declined by 10 percent from P317.9 million in the previous year to P286.8 million in the current year.
BDC Bashi Gaetsaloe also at the beginning of the year said the corporation’s strategic plan centres on a single, unifying strategic goal of “doubling the business in five years”.
Gaetsaloe said going forward BDC will focus on commercially viable projects that pioneer new industries, unlock value in existing industries, stimulate private sector growth and linkages as well as driving diversification and exports and creating significant employment.