BANKSETA ANNUAL REPORT 2023

BANKSETA GOVERNANCE STRUCTURE

Compliance with Law and Regulations

of interest in relation to any business tabled at a meeting, the Board or staff member is recused from the meeting. Formal declarations of interests are noted and records kept in accordance with Board and committee meeting requirements as well as for supply chain management activities to ensure that conflict of interest is minimised. No incidents of conflict of interest were reported for the year under review. CODE OF CONDUCT BANKSETA adheres strictly to the Code of Conduct in its Constitution: (1) All members of the Accounting Authority and any committee established by the Accounting Authority are subject to this code of conduct and are required to comply with both the letter and the spirit of the code. (2) Members of the Accounting Authority and any committee established by the Accounting Authority: (a) Stand in a fiduciary relationship to the SETA; (b) Must comply with all the applicable laws and regulations that regulate the activities they are engaged in for and on behalf of the SETA; (c) Must perform their functions fairly, honestly and in good faith, giving full effect to the obligations and spirit of the Act and this Constitution; (d) Must protect and promote the reputation of the SETA and promote goodwill towards it; (e) Must perform their duties conscientiously and in the best interest of the SETA; and (f) Must conduct themselves ethically and in accordance with the principles of good governance. (3) To ensure the proper execution of its mandate and effective compliance with the applicable legislative and policy framework, the Accounting Authority must ensure that the staff of the SETA and members of all committees adhere to the following principles of governance – (a) Effectiveness and efficiency in the execution of their specified mandates, which require clearly formulated purpose statements, objectives, roles and responsibilities. (b) Accountability for meeting their specified mandates, which requires effective accountability mechanisms, proper management, control and the safeguarding of finances and resources, as well as regular and accurate performance reviews, assessments and reporting.

BANKSETA ensures that it complies with laws and regulations through its governance structure and senior management responsibilities, in accordance with its mandate and as formally communicated by the Executive Authority and National Treasury. It has developed a compliance framework for submissions aligned to the Executive Authority compliance calendar and a Compliance Strategy and Plan to ensure consistent focus on compliance. Reports on legislative updates are tabled at quarterly Board Committee meetings, to ensure that Board members are kept abreast of legislative developments and to ensure BANKSETA complies with laws and regulations. Policies are also updated periodically to ensure alignment and compliance with laws and regulations. FRAUD AND CORRUPTION BANKSETA is committed to fight the scourge of fraud, corruption, and unethical behaviour and has no tolerance of corruption. The Board approved the Whistleblowing, Anti-Corruption Policy and Fraud Prevention Plan. The Fraud Prevention Plan aims at preventing instances of fraud and corruption; detecting instances when they do occur and responding appropriately and taking corrective action when fraud and corruption happens. BANKSETA has a dedicated 24/7 hotline service and panel of forensic service providers to investigate reported allegations. All cases reported through the hotline service are subjected to a preliminary investigation and if a full investigation is required, cases are referred to the panel of forensic service providers. All investigations are overseen by the Risk Management Committee and reported to the Board via the Audit and Risk Committee. BANKSETA is committed to preventing incidents of fraud, corruption, and unethical conduct through continuous awareness sessions for employees and ensuring deterrence through implementing consequence management as well as recommendations from investigation reports. MINIMISING CONFLICT OF INTEREST All Board members and members of staff are required to submit written annual declarations to disclose any conflict of interests and are also required to disclose conflicts of interest at all formal meetings. When a Board or staff member declares a conflict

95

BANKSETA ANNUAL REPORT 2022/23