BANKSETA ANNUAL REPORT 2023

TABLE OF CONTENTS

PART C: GOVERNANCE -------------------------------------------------------------------------------- 82 INTRODUCTION-------------------------------------------------------------------------------------------------------------------- 83 BANKSETA GOVERNANCE STRUCTURE ---------------------------------------------------------------------------------85 Board Members ----------------------------------------------------------------------------------------------------------------- 85 Governance Structure --------------------------------------------------------------------------------------------------------- 86 The Role of the Board --------------------------------------------------------------------------------------------------------- 87 The Board Charter -------------------------------------------------------------------------------------------------------------87 Board Composition------------------------------------------------------------------------------------------------------------- 87 Board Committees -------------------------------------------------------------------------------------------------------------90 Board and Committee Member Remuneration--------------------------------------------------------------------------90 Risk Management -------------------------------------------------------------------------------------------------------------92 Internal Control Unit------------------------------------------------------------------------------------------------------------ 92 Internal Audit and Audit Committees--------------------------------------------------------------------------------------- 93 Fraud and Corruption---------------------------------------------------------------------------------------------------------- 95 Minimising Conflict of Interest ----------------------------------------------------------------------------------------------- 95 Code of Conduct---------------------------------------------------------------------------------------------------------------- 95 Audit and Risk Committee Report------------------------------------------------------------------------------------------ 97

PART D: HUMAN RESOURCES MANAGEMENT ---------------------------------------------- 100 HUMAN RESOURCES OVERVIEW ----------------------------------------------------------------------------------------- 101

PART E: PFMA COMPLIANCE REPORT ----------------------------------------------------------108

PART F: FINANCIAL INFORMATION ---------------------------------------------------------------116 STATEMENT OF FINANCIAL RESPONSIBILITY -------------------------------------------------------------------------117 REPORT OF THE AUDITOR-GENERAL ------------------------------------------------------------------------------------119 ANNUAL FINANCIAL STATEMENTS Statement of Financial Position ----------------------------------------------------------------------------------------------- 127 Statement of Financial Performance----------------------------------------------------------------------------------------- 128 Statement of Changes in Net Assets ---------------------------------------------------------------------------------------- 129 Cash Flow Statement ------------------------------------------------------------------------------------------------------------ 130 Statement of Comparison of Budget and Actual Amounts ------------------------------------------------------------- 131 Accounting Policies -------------------------------------------------------------------------------------------------------------- 132 Notes to the Annual Financial Statements --------------------------------------------------------------------------------- 150

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BANKSETA ANNUAL REPORT 2022/23