FASSET ANNUAL REPORT
The role of the Board is as follows: • Holds absolute responsibility for the performance of FASSET; • Retains full and effective control and management of FASSET; • Ensures that FASSET carries out its fiduciary duties; • Formulates, monitors and reviews the strategic direction of FASSET; • Formulates and/or monitors and reviews annual budgets and plans, risk policy and major plans of action; • Develops clear definition of levels of materiality; • Ensures financial statements are prepared; • Manages conflicts of interest; • Monitors the performance of the Chief Executive Officer; • Ensures strategic and operational objectives of sustainable performance and meeting the needs of FASSET’s stakeholders; • Assesses organisational performance and risks; • Ensures that decisions and material issues are addressed; and • Maintains integrity, responsibility and accountability. Induction and Board Development The current Board was appointed shortly after the declaration of the Covid-19 state of disaster by the government, therefore the Board’s induction was delayed by several weeks as FASSET adjusted its operations to the lockdown regulations. Despite the delayed induction and the constraints the Board experienced in this particular financial year, the Board held all of its required meetings as well as those of its sub-committees and fulfilled all its responsibilities. The Board Chairperson has prioritised professional development of members. Ongoing training and education programme enables the Board members to familiarise themselves with FASSET’s operations, the business
environment, their fiduciary duties and responsibilities, FASSET’s expectations of Board members in terms of commitment and behaviour, and regulatory changes and trends. FASSET’s Board members have full and unrestricted access to management, SETA information and property, and are entitled to seek independent professional advice in support of their duties. In the year under review, FASSET’s Board members attended key governance trainings with the Institute of Directors in South Africa (IoDSA) to enhance their skills and decision making. A detailed Board development and Training Programme will be rolled out in the 2021/22 financial year accordingly. Board Charter The King IV Code of Corporate Governance states that good governance starts with effective leadership. The Board Charter regulates the parameters within which the Accounting Authority will operate and ensure the application of sound corporate governance principles, and sets out the mandate, goals, roles and responsibilities of the Accounting Authority and also addresses the following: • Accounting Authority powers and composition • Authority of the Accounting authority • Fiduciary responsibilities • Mandate, goals, role and functions • Role of the Chairperson • Roles and responsibilities of the CEO • Relationship with staff and other stakeholders • Accounting Authority Committees, Committee meetings and frequency of meetings • Accounting Authority evaluation of effectiveness • Code of conduct • Conflict of interest and handling of disputes • Remuneration of Accounting Authority members
FASSET Annual Integrated Report 2020/21
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