BANKSETA ANNUAL REPORT 2023

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INTRODUCTION

BANKSETA is a statutory body established through the Skills Development Act 97 of 1998 (Skills Development Act) to enable its stakeholders to advance the national and global position of the banking and microfinance industry. In terms of the Public Finance Management Act, 1999 (Act No. 1 of 1999) (PFMA), BANKSETA is a Schedule 3A public entity. Thus, in delivering on its mandate, the SETA and its Accounting Authority are governed by the Skills Development Act, the PFMA, the Skills Development Levies Act, the SETA Standard Constitution and other relevant legislation. PORTFOLIO COMMITTEE Parliament, through its Portfolio Committee on Higher Education, Science and Innovation, oversees the performance and budgets of DHET and its public entities and is concerned primarily with overall service delivery and improving economic growth. BANKSETA is also accountable to the Portfolio Committee to report on the organisation’s strategic and annual performance plans and performance. When required, BANKSETA appears before the Portfolio Committee to comply with the latter’s oversight requirements. During the financial year, all parliamentary questions posed to BANKSETA were answered timeously. EXECUTIVE AUTHORITY The Executive Authority (the Minister of Higher Education, Science and Innovation) must exercise his/her powers and responsibilities for the SETA Constitution to ensure that the implementation of the objectives and execution of SETA functions comply with both the Act and the policies of the Executive Authority and government. This is managed through a service level agreement that outlines the minimum service levels required by the SETA in performing its statutory functions, meeting the National Skills Development Plan targets and implementing its strategic and annual performance plans. Furthermore, as required by the PFMA and National Treasury Regulations for monitoring and evaluation, SETAs must adhere to the annual compliance calendar, which comprises quarterly reporting on SETA finances, performance, risk management and governance. BANKSETA complied fully during 2022/23, submitting all quarterly reports as required. ACCOUNTING AUTHORITY The Accounting Authority, or SETA Board, governs and manages the SETA in accordance with legislation and provides strategic direction. As the essence of good governance emanates from effective and ethical leadership according to the King codes, the Accounting Authority and executive management of the SETA play a crucial role in ensuring that the SETA fulfils its strategic and operational objectives for sustainable performance and meeting stakeholder needs.

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BANKSETA ANNUAL REPORT 2022/23