HIGHEST STANDARDS

OF GOVERNANCE

HIGHEST STANDARDS OF GOVERNANCE

STRATEGY, PERFORMANCE AND REPORTING

EVALUATION AND PERFORMANCE OF THE BOARD: PRINCIPLE 9 APPLIED

The Board ensures that the evaluation of its own performance, and that of its Committees, its chair and its individual members, supports continued improvement in its performance and effectiveness.

STRATEGY, PERFORMANCE AND REPORTING

EVALUATION AND PERFORMANCE OF THE BOARD: PRINCIPLE 9 APPLIED

The Board ensures that the evaluation of its own performance, and that of its Committees, its chair and its individual members, supports continued improvement in its performance and effectiveness.

BOARD AND COMMITTEE EVALUATIONS

King III (at the time) recommended that an evaluation of the governing body, its committees and its individual members be conducted every year. To provide for sufficient time to appropriately respond to the results of such performance evaluations, the King IVTM Code recommends for a formal evaluation process to be conducted at least every two years. Every alternate year, the governing body should schedule an opportunity for consideration, reflection and discussion of its performance.

The evaluation for the 2021 financial year was completed by an external consultant and presented to the Nominations and Governance Committee (NomGov) in March 2022. An action plan was created to address the identified areas for improvement and was implemented.

BOARD AND COMMITTEE EVALUATIONS

King III (at the time) recommended that an evaluation of the governing body, its committees and its individual members be conducted every year. To provide for sufficient time to appropriately respond to the results of such performance evaluations, the King IVTM Code recommends for a formal evaluation process to be conducted at least every two years. Every alternate year, the governing body should schedule an opportunity for consideration, reflection and discussion of its performance.

The evaluation for the 2021 financial year was completed by an external consultant and presented to the Nominations and Governance Committee (NomGov) in March 2022. An action plan was created to address the identified areas for improvement and was implemented.

APPOINTMENT AND DELEGATION TO MANAGEMENT: PRINCIPLE 10 APPLIED

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:
  • General corporate governance
  • Strategy, business plans, budgets and operating parameters
  • Investments and business initiatives
  • Capital expenditure
  • Leases and property-related capital expenditure
  • Funding, borrowing, banking and treasury
  • Human resources and related issues
  • Contractual arrangements

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.

APPOINTMENT AND DELEGATION TO MANAGEMENT: PRINCIPLE 10 APPLIED

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:
  • General corporate governance
  • Strategy, business plans, budgets and operating parameters
  • Investments and business initiatives
  • Capital expenditure
  • Leases and property-related capital expenditure
  • Funding, borrowing, banking and treasury
  • Human resources and related issues
  • Contractual arrangements

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.

SEE PRINCIPLE 11-16: GOVERNANCE OF FUNCTIONAL AREAS

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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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