OUR GOVERNANCE
Corporate governance aligned to the King IVTM principles
LEADERSHIP, ETHICS AND CORPORATE CITIZENSHIP
LEADERSHIP
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 for 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.
ETHICAL LEADERSHIP
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.
CONFLICTS OF INTEREST
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.
FIT AND PROPER REQUIREMENT
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. Board members and employees of SAICA must also comply with the SAICA Code of Ethics. Non-CA(SA) Board members must comply with the code of ethics applicable to their professional membership.
ETHICS
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 SETCO. 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 SETCO, which recommends to the Board changes and improvements to the Code.
CODE OF ETHICS
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 year under review.
CORE VALUES
Our purpose is underpinned by six core values. To emphasise individual responsibility and active ownership, the values are phrased 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.
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 refrain 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
The Board ensures that SAICA acts responsibly and is seen to be a good corporate citizen.
Fairness, responsibility, and transparency are integral to SAICA’s brand. We prioritise sustainable business practices, protect the environment, invest in our employees, and actively support community development. The SAICA Board has also approved the appointment of a Sustainability Technical Committee in recognition of the importance of sustainability moving into the future. 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:
SDG GOALS
(Read more about our intiatives that support these SDGs)
EMBEDDING SUSTAINABILITY
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 assists in directing SAICA and its members’ activities around the SDGs and enables 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 supports 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 SAICA 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.