OUR GOVERNANCE
Driving Value Creation
Corporate Governance aligned to the King IV™ Principles
Our governance approach is the foundation that supports our purpose, how we achieve our goals and execute our strategy.
Our governance approach supports our purpose, goals, and strategy. SAICA adheres to the voluntary principles and best practices established by King IV™, which support this distinctive mandate.
Effective corporate governance is fostered through the Board’s dedication to ethical and effective leadership, strategic direction, and appropriate oversight, all aimed at achieving the following four key governance outcomes:
Legitimacy
We optimise the composition of our Board and its committees, ensuring transparency by adequately disclosing outside interests while upholding the fiduciary duty of our directors to act in the best interests of SAICA and the accountancy profession. By empowering SAICA structures and committees, we promote an environment of effective engagement, allowing for a diverse range of perspectives and insights. Our commitment to exercising independent and unfettered judgment ensures that the Board can effectively discharge its responsibilities with integrity.
Furthermore, we implement comprehensive stakeholder engagement policies and plans, strengthening our relationships and ensuring that our members and associates voice is valued in our mission to advance the profession and enhance our impact.
Ethical Culture
We cultivate a culture that embodies core values, ensuring ethical conduct aligned with SAICA’s principles. Active dialogue is fostered with employees to ensure these values resonate throughout the organisation. Performance measurement takes a unique approach, assessing not only the outcomes achieved but also the way they are accomplished, with equal emphasis on ethical conduct aligned with SAICA’s core values.
Fair and transparent remuneration practices further reinforce integrity and accountability, motivating the team to excel while upholding the organisation’s guiding principles.
Continuous efforts are dedicated to integrating the King IV™ principles into the Institute’s daily business operations. The Board is satisfied that the Institute is aligned with these core principles and is carefully monitoring the implementation of the relevant practices.
Key Board Focus Areas in 2024
Review of SAICA governance structure and implementation of recommendations
In response to the resolution tabled at the 2023 AGM, an independent Governance Review Committee began assessing the organisation’s governance structures in 2023. The committee consulted extensively with key stakeholders. The review wrapped up in 2024 and provided key recommendations aimed at strengthening SAICA’s governance framework. The Board has carefully examined these recommendations to enhance SAICA’s effectiveness and accountability.
The report highlighted enhancements to the SAICA’s governance framework for clarity in roles and the documentation of processes. Building trust between the Board, Management and key stakeholders, while maintaining the current Board size and expertise, particularly in legal matters, was encouraged. Refreshed induction and continuous education for Board members were recommended to enhance succession planning. Regional councils focus was suggested to be on strategic rather than operational issues. Service level agreements were proposed to improve service delivery and member satisfaction, and a comprehensive communication strategy was required to ensure the accurate dissemination of information. A review of the disciplinary process to reduce backlogs and enhance transparency.
Finally, some constitutional changes were proposed which will also require changes to the SAICA By-laws. The changes to the constitution will be submitted for the members and associates to consider and vote on at the upcoming AGM. The approval of these proposed changes will conclude the governance review.
Oversight of the process to formulate the 2024−2028 Strategy – underpinned by a stakeholder-inclusive approach
Following a stakeholder-inclusive approach, the strategy is designed to navigate the current landscape while laying a strong foundation for the future. By focusing on delivering accelerated member value, enhancing the profession’s transformation and attractiveness, ensuring economic and social relevance, and building a winning organisation, we safeguard the profession’s continued relevance and impact. SAICA is continuing with a stakeholder-inclusive process to socialise the strategy with various stakeholders.
Organisational structure and target operating model review
SAICA has reviewed and refined its organisational structure and operational models to ensure they are well-positioned for future opportunities and challenges. These enhancements set the standard for the profession and provide a solid foundation for achieving the organisation’s strategic objectives. This is a key outcome of Project ReCAlibrate.
Evaluation of the Board and its committees, chairs and committee members
The outcomes of the Institute of Directors of South Africa (IoDSA)’s evaluation of the Board and its committees, chairs and individual members were considered and an action plan formulated and implemented in 2024.
Appointment of a new
President of Council
Akash Singh, a chartered accountant, assumed leadership from Jacobus Swanepoel on 18 March 2024 and serves as an ex-officio director on the SAICA Board.
He plays an important role in representing the Council by providing input to the Board on matters relating to the long-term strategy of the Institute and the future of the profession.
Board member
nomination process
An ad hoc NOMGOV committee met to formalise the Board member selection and appointment process and agreed to appoint an external service provider to consider and short-list the candidates to eliminate any perceived bias.
The formalisation of this process prompted an amendment to the governance framework post approval by the Board on 6 December 2024.
