SAICA’s Board sets short-term targets and initiatives for the year ahead in the annual balanced scorecard that support delivery on the strategic pillars, either directly or by enhancing the Institute’s operational efficiency. At the end of the year, executive management collates the performance against the balanced scorecard targets. The final scores are assured by the external auditors, reviewed by the Remuneration Committee and approved by the Board.

During the reporting period, good progress was made to execute on the strategic initiatives underpinning the four strategic pillars of the SAICA strategy.

Where targets were not achieved, corrective measures have been identified to improve performance in the coming year.

The balanced scorecard comprised four categories weighted as shown in the table on the next page. Each balanced scorecard category is given a score from 1 (far below expectations) to 5 (far exceeds expectations) and these scores are weighted according to the category weights to yield an overall score for the year. In 2022, SAICA achieved a performance rating of 3.68 out of 5, compared to 3,47 out of 5 in 2021.