HIGHEST STANDARDS

OF GOVERNANCE

HIGHEST STANDARDS OF GOVERNANCE

COMMITMENT TO GOVERNANCE

SAICA is committed to the highest standards of governance, enabling us to preserve the sustainability of SAICA and the profession to create long-term stakeholder value. By inculcating a positive culture of ethics and values, the SAICA Board enables the creation of value for SAICA stakeholders on a fair and equitable basis.
Our ethical value system has built strong relationships with stakeholders who recognise SAICA as a responsible corporate citizen, with the confidence that we will do what is right. The Board endorses the corporate governance principles encapsulated in King IVTM, including the concept of integrated thinking, which underpins corporate citizenship, stakeholder inclusivity, sustainable development and integrated reporting. The Board commits to stakeholders that it will operate in accordance with the SAICA values of member centricity, integrity, professional behaviour, accountability, respect and transparency.

COMMITMENT TO GOVERNANCE

SAICA is committed to the highest standards of governance, enabling us to preserve the sustainability of SAICA and the profession to create long-term stakeholder value. By inculcating a positive culture of ethics and values, the SAICA Board enables the creation of value for SAICA stakeholders on a fair and equitable basis.
Our ethical value system has built strong relationships with stakeholders who recognise SAICA as a responsible corporate citizen, with the confidence that we will do what is right. The Board endorses the corporate governance principles encapsulated in King IVTM, including the concept of integrated thinking, which underpins corporate citizenship, stakeholder inclusivity, sustainable development and integrated reporting. The Board commits to stakeholders that it will operate in accordance with the SAICA values of member centricity, integrity, professional behaviour, accountability, respect and transparency.

KING IVTM STATEMENT OF COMPLIANCE

The SAICA Board embraces the outcomes of King IVTM , being an ethical culture, effective control, good performance and legitimacy. There are ongoing efforts to further embed the King IVTM principles into the Institute’s day-to-day business activities. The Board is satisfied that the Institute is aligned with the key principles and are mindfully overseeing the application of the relevant practices.

KING IVTM STATEMENT OF COMPLIANCE

The SAICA Board embraces the outcomes of King IVTM , being an ethical culture, effective control, good performance and legitimacy. There are ongoing efforts to further embed the King IVTM principles into the Institute’s day-to-day business activities. The Board is satisfied that the Institute is aligned with the key principles and are mindfully overseeing the application of the relevant practices.

KING IVTM PRINCIPLES APPLIED

Leadership, ethics and corporate citizenship

LEADERSHIP: PRINCIPLE 1 APPLIED

The Board leads SAICA ethically and effectively.

The Role Of The Board

The Board is elected by the members of SAICA and accepts overall accountability for SAICA’s performance and in ensuring that the profession is adequately positioned to create sustainable value over the long-term for all stakeholders, taking into account the material issues, risks and opportunities.

 

The Board remains SAICA’s overall custodian of good corporate governance, promoting an ethical and cohesive organisational culture, effective control, compliance, accountability, and responsive and transparent stakeholder engagement. The Board’s primary responsibility is that of setting the strategic direction of the Institute.

 

In tandem, the Board provides continuous oversight of material matters, risks, opportunities and the strategic allocation of resources. In its oversight role, the Board serves as an independent check and balance to the Institute’s executive management team, whose main responsibility remains to manage the business.

An ethical culture builds support structures that underpin our core purpose, values and strategy. SAICA and its Board promote the fundamental values member centricity, integrity, professional behaviour, accountability, respect and transparency. The Board is held accountable by SAICA’s members for ensuring ethical and effective leadership within the governance structures and policies adopted by SAICA.
Every Board and Board committee meeting is preceded by a declaration of interests on the matters that are on the agenda. In a case where there are material interests, a member is recused from the meeting and does not participate in the decision-making on the particular matter. In addition, a general disclosure of interests is conducted on an annual basis and the interests register is maintained and kept by the Board Secretary.

The Board members are diverse in their academic qualifications, industry knowledge, experience, race and gender. This diversity enables them to provide the Institute with the relevant judgement and guidance to work effectively when conducting and determining the affairs of SAICA.

The SAICA Board is committed to ensuring that responsible persons in key positions are fit and proper. A fit-and-proper person is someone who meets the list of requirements contained in the constitution.

CODE OF PROFESSIONAL CONDUCT

The majority of SAICA Board members are CAs(SA) who are bound by the Code of Professional Conduct applicable to all SAICA members and associates.

KING IVTM PRINCIPLES APPLIED

Leadership, ethics and corporate citizenship

LEADERSHIP: PRINCIPLE 1 APPLIED

The Board leads SAICA ethically and effectively.

The Role Of The Board

The Board is elected by the members of SAICA and accepts overall accountability for SAICA’s performance and in ensuring that the profession is adequately positioned to create sustainable value over the long-term for all stakeholders, taking into account the material issues, risks and opportunities.

 

The Board remains SAICA’s overall custodian of good corporate governance, promoting an ethical and cohesive organisational culture, effective control, compliance, accountability, and responsive and transparent stakeholder engagement. The Board’s primary responsibility is that of setting the strategic direction of the Institute.

 

In tandem, the Board provides continuous oversight of material matters, risks, opportunities and the strategic allocation of resources. In its oversight role, the Board serves as an independent check and balance to the Institute’s executive management team, whose main responsibility remains to manage the business.

An ethical culture builds support structures that underpin our core purpose, values and strategy. SAICA and its Board promote the fundamental values member centricity, integrity, professional behaviour, accountability, respect and transparency. The Board is held accountable by SAICA’s members for ensuring ethical and effective leadership within the governance structures and policies adopted by SAICA.
Every Board and Board committee meeting is preceded by a declaration of interests on the matters that are on the agenda. In a case where there are material interests, a member is recused from the meeting and does not participate in the decision-making on the particular matter. In addition, a general disclosure of interests is conducted on an annual basis and the interests register is maintained and kept by the Board Secretary.

The Board members are diverse in their academic qualifications, industry knowledge, experience, race and gender. This diversity enables them to provide the Institute with the relevant judgement and guidance to work effectively when conducting and determining the affairs of SAICA.

The SAICA Board is committed to ensuring that responsible persons in key positions are fit and proper. A fit-and-proper person is someone who meets the list of requirements contained in the constitution.

CODE OF PROFESSIONAL CONDUCT

The majority of SAICA Board members are CAs(SA) who are bound by the Code of Professional Conduct applicable to all SAICA members and associates.

ETHICS: PRINCIPLE 2 APPLIED

The Board governs the ethics of SAICA in a manner that supports a sound ethical culture.

GOVERNANCE STRUCTURES TO ENSURE AN ETHICAL CULTURE

The Board is responsible for an ethical organisation. The Board has delegated the responsibility for ethics governance to the Social, Ethics and Transformation Committee. The day-to-day implementation of the Code of Ethics lies with executive management. Effective implementation of the Code requires management to ensure that the Code is implemented across all business units of SAICA. It is reviewed annually by the Social, Ethics and Transformation Committee, which recommends to the Board changes and improvements to the Code.

The Board conducted its annual review of SAICA’s Employee Code of Ethics, which outlines the key behaviours and actions expected of employees, suppliers and business partners. There is a current programme to confirm the written commitment of all employees for the revised code of ethics.

No material breaches of the code of ethics were noted during the review period.

CORE VALUES

Our purpose is underpinned by six core values. During 2022, SAICA reviewed its values with the goal of fostering a culture of ownership at all levels and promoting a cohesive organisational identity. To emphasise individual responsibility and active ownership, the values were rephrased in the first-person format and condensed into the acronym “MIPART”. This serves to reinforce the idea that each and every person, including Board members, plays a role in shaping the culture at SAICA.

The refreshed values are as follows:
  • Member centricity − We ensure positive customer/member experience by striving to exceed expectations
  • Integrity – We demonstrate sound moral and ethical principles in everything we do
  • Professional behaviour − We abide by laws, regulations and policies and refraining from any conduct that would bring SAICA and the profession into disrepute
  • Accountability − We accept full responsibility for the outcomes of our actions
    • >Respect − We hold SAICA and each other in high regard
  • Transparency − We encourage an open and honest environment

ETHICS: PRINCIPLE 2 APPLIED

The Board governs the ethics of SAICA in a manner that supports a sound ethical culture.

GOVERNANCE STRUCTURES TO ENSURE AN ETHICAL CULTURE

The Board is responsible for an ethical organisation. The Board has delegated the responsibility for ethics governance to the Social, Ethics and Transformation Committee. The day-to-day implementation of the Code of Ethics lies with executive management. Effective implementation of the Code requires management to ensure that the Code is implemented across all business units of SAICA. It is reviewed annually by the Social, Ethics and Transformation Committee, which recommends to the Board changes and improvements to the Code.

The Board conducted its annual review of SAICA’s Employee Code of Ethics, which outlines the key behaviours and actions expected of employees, suppliers and business partners. There is a current programme to confirm the written commitment of all employees for the revised code of ethics.

No material breaches of the code of ethics were noted during the review period.

CORE VALUES

Our purpose is underpinned by six core values. During 2022, SAICA reviewed its values with the goal of fostering a culture of ownership at all levels and promoting a cohesive organisational identity. To emphasise individual responsibility and active ownership, the values were rephrased in the first-person format and condensed into the acronym “MIPART”. This serves to reinforce the idea that each and every person, including Board members, plays a role in shaping the culture at SAICA.

The refreshed values are as follows:
  • Member centricity − We ensure positive customer/member experience by striving to exceed expectations
  • Integrity – We demonstrate sound moral and ethical principles in everything we do
  • Professional behaviour − We abide by laws, regulations and policies and refraining from any conduct that would bring SAICA and the profession into disrepute
  • Accountability − We accept full responsibility for the outcomes of our actions
    • >Respect − We hold SAICA and each other in high regard
  • Transparency − We encourage an open and honest environment

RESPONSIBLE CORPORATE CITIZENSHIP: PRINCIPLE 3 APPLIED

 The Board ensures that SAICA acts responsibly and is seen to be a good corporate citizen.

SAICA as a brand commits itself to operating in a manner that is fair, responsible and transparent through promotion of sustainable business practices, environment, employee and community development.

In contributing to a sustainable future and looking beyond environmental considerations alone, SAICA is aligning its strategy to support the following UN 2030 Sustainable Development Goals:

As part of our strategy and to inform our day-to-day decision-making, we embedded social, economic, transformation, and environmental considerations.

A key overarching consideration is to maximise the positive impacts and avoid or, at worst, mitigate any negative impacts arising from our business decisions and activities.

The creation of a Sustainability Technical Committee will assist in directing SAICA and its members’ activities around the SDGs and enable SAICA to be part of the standard setting process, while providing both thought leadership and education in this area which has renewed and urgent focus by the global standard setters.

This committee will support SAICA in addressing the various current and emerging sustainability aspects such as climate risk, as well as the global developments relating to the development of sustainability reporting standards as it relates to its members.

BEING A RESPONSIBLE CORPORATE CITIZEN

The Board, supported by its six committees, oversees and monitors SAICA’s activities relating to our broader societal contributions and our role as a responsible corporate citizen. Progress on these activities is measured as part of the defined KPIs for SAICA.


The Board has a responsibility for ensuring that the Group is, and is seen to be, a responsible corporate citizen.


As part of its commitment to being a responsible corporate citizen, SAICA has zero tolerance for non-compliance with legislation. The Board delegates to management the responsibility of ensuring compliance with its policies and procedures. Material breaches are reported to the Board who, through the Audit and Risk Committee, approves the establishment and implementation of the company approval framework that gives structure to the delegation of authority.

RESPONSIBLE CORPORATE CITIZENSHIP: PRINCIPLE 3 APPLIED

 The Board ensures that SAICA acts responsibly and is seen to be a good corporate citizen.

SAICA as a brand commits itself to operating in a manner that is fair, responsible and transparent through promotion of sustainable business practices, environment, employee and community development.

In contributing to a sustainable future and looking beyond environmental considerations alone, SAICA is aligning its strategy to support the following UN 2030 Sustainable Development Goals:

As part of our strategy and to inform our day-to-day decision-making, we embedded social, economic, transformation, and environmental considerations.

A key overarching consideration is to maximise the positive impacts and avoid or, at worst, mitigate any negative impacts arising from our business decisions and activities.

The creation of a Sustainability Technical Committee will assist in directing SAICA and its members’ activities around the SDGs and enable SAICA to be part of the standard setting process, while providing both thought leadership and education in this area which has renewed and urgent focus by the global standard setters.

This committee will support SAICA in addressing the various current and emerging sustainability aspects such as climate risk, as well as the global developments relating to the development of sustainability reporting standards as it relates to its members.

BEING A RESPONSIBLE CORPORATE CITIZEN

The Board, supported by its six committees, oversees and monitors SAICA’s activities relating to our broader societal contributions and our role as a responsible corporate citizen. Progress on these activities is measured as part of the defined KPIs for SAICA.


The Board has a responsibility for ensuring that the Group is, and is seen to be, a responsible corporate citizen.


As part of its commitment to being a responsible corporate citizen, SAICA has zero tolerance for non-compliance with legislation. The Board delegates to management the responsibility of ensuring compliance with its policies and procedures. Material breaches are reported to the Board who, through the Audit and Risk Committee, approves the establishment and implementation of the company approval framework that gives structure to the delegation of authority.

SEE PRINCIPLE 4,5: STRATEGY, PERFORMANCE AND REPORTING

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SAICA Integrated Report 2022.
All Rights Reserved.

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SAICA Integrated Report 2022. All Rights Reserved.

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