OUR GOVERNANCE
Corporate governance aligned to the King IVTM principles
STRATEGY, PERFORMANCE AND REPORTING
STRATEGY AND PERFORMANCE
The Board appreciates that SAICA’s value proposition, its risks and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process.
The Board approves SAICA’s strategic direction and purpose after obtaining the input of National Council. It then delegates to management responsibility for formulating strategy implementation in the short, medium and long term.
In pursuit of shaping the future for professional excellence, SAICA undertook a transparent and inclusive strategy formulation journey for its 2024–2028 strategy, characterised by active stakeholder participation. This approach aimed to involve our valued stakeholders more substantially in shaping our strategic direction.
FORMULATION OF THE 2024−2028 SAICA STRATEGY
The development of the 2024–2028 SAICA strategy was underpinned by a comprehensive environmental scan encompassing both external and internal dimensions. Recognising that organisations exist within dynamic contexts, we conducted a macro-environmental PESTEL analysis, global and South African trends analysis, and SWOT analysis to gain a holistic understanding of our operating environment. In this process, we engaged with approximately 34 external stakeholders, while also soliciting input from SAICA employees, Council, and the Board for our internal environmental scan.
Our strategy was also significantly influenced by the Economic Blueprint serving as a guiding framework for the profession and equipping our members, including associates, to make informed economic and business decisions.
During 2023 and the first quarter of 2024, SAICA's management team (MANCO), Board and Council, participated in the strategy formulation process. This collaborative effort considered the multitude of external and internal factors affecting SAICA’s operations, coupled with insights from our diverse stakeholders. The outcome of this process was the formulation of SAICA’s Vision and Mission as follows:
Vision
SAICA envisions a globally admired and diverse membership body of ethical professionals, driving transformative change and fostering excellence, inclusivity, economic relevance, and sustainability in the accountancy profession and the broader economy.
Mission
SAICA advances the accountancy profession through robust member support, impactful advocacy, and transformative initiatives. Embracing economic and social relevance as well as sustainability, we champion ethical conduct, actively engage stakeholders, and contribute to positive societal and environmental impact.
These visionary statements provided the foundation for the subsequent translation of our stakeholder insights into strategic themes. These themes, in turn, informed the development of our proposed revised strategic pillars, strategic objectives, and strategic initiatives, all designed to support the effective execution of our strategy.
As we move forward, we remain committed to our four strategic pillars, which are underpinned by 17 strategic objectives and a multitude of strategic initiatives. The Board may opt to review the strategy in 2026. (Read more about our 2024-2028 strategy)
Successful implementation of strategy through superior operational performance is in the best interest of all stakeholders and is therefore a key responsibility for the Board and management. The Board not only approves SAICA’s strategy but also the performance measures and targets by which success is measured.
In approving the strategy, the Board considers risks and opportunities relating to the strategy and its implementation. The Board also satisfies itself that the business model is appropriate to meet SAICA’s strategic objectives. At each Board meeting, the CEO reports on progress with respect to implementation and the achievement of strategy objectives. The assessment is addressed at Board and at the Human Resources and Remuneration Committee for the purposes of annual bonus payment to management.
REPORTING
The Board ensures that reports issued by SAICA enable stakeholders to make informed assessments of SAICA’s performance, and its short-, medium-, and long-term prospects.
The Board sets the direction, approach and conduct for the reporting of SAICA affairs and performance to stakeholders. This is done during the annual approval of a reporting framework. The Board also ensures that the reporting frameworks comply with all regulatory obligations, which include the principles of King IV™.
The Board approved SAICA’s integrated report and has satisfied itself with regard to the assurances provided by relevant third parties.
APPOINTMENT AND DELEGATION TO MANAGEMENT
The Board ensures the appointment of, and delegation to management contribute to role clarity and the effective exercise of authority and responsibilities.
DELEGATION OF AUTHORITY
The Board approves and annually reviews SAICA’s Delegation of Authority (DOA), which provides clarity of levels of responsibility for decision-making. The framework establishes an appropriate balance for the need to ensure that decisions are taken at appropriate levels, dependent upon the materiality and importance of such decisions, while also empowering management to take appropriate business decisions.
SAICA’s DOA covers the following aspects:
The Board is satisfied that the DOA achieves the objectives of providing clarity on responsibilities and assisting in ensuring an effective delegation of authority and responsibilities.
CHIEF EXECUTIVE OFFICER (CEO)
The CEO is appointed by the Board on a contractual basis, reports to the Chairperson, and is responsible for developing and recommending to the Board a long-term vision and strategy for the strategic development, growth and sustainability of the organisation. In addition, the CEO is responsible for leading executive and operational execution across the organisational business and functional areas.
BOARD SECRETARY
The Board Secretary must provide the Board as a whole, and the individual directors, with guidance regarding their duties, responsibilities and authority. The Board Secretary maintains an arm’s length relationship and is not a member of the Board. The independence and performance of the Board Secretary is assessed through the Board and committee evaluation process. Directors have unlimited access to the Board Secretary for advice and services and are satisfied with the arrangements in place for them to access professional corporate governance services from SAICA.