BANKSETA AR 31 AUGUST

BANKSETA GOVERNANCE STRUCTURE

Board and Committee Member Remuneration

Board and committee members are not BANKSETA staff members. Fees are paid to Board and committee members for their attendance at and contributions to official meetings and responsibilities as members (as aligned to the Board and Committee Remuneration Policy). The fees approved by the Minister of Higher Education, Science and Innovation are in accordance with remuneration level sub-category S, as determined by the Minister of Finance in the Circular from the National Treasury on Adjustment of the Remuneration Levels. Audit and Risk Committee members are remunerated at the same rates as Board members approved by the Minister of Higher Education, Science and Innovation. In accordance with DHET circulars (‘Remuneration Tariffs for the Boards and Committee members of SETAs and non-SETAs that are Reporting to the Department of Higher Education and Training’) issued by the Minister, daily rates are applied for meeting fees (in addition to preparation fees) for Board and committee meetings attended. Meeting fees are paid to the constituencies that members represent and not to individuals, except for members who are Ministerial appointments, independent committee members and members whose employers have granted them exemption from this condition. Independent committee members who are public officials or government employees are not remunerated for meeting attendance unless they take unpaid leave to attend. Allowances are also subject to tax (and tax regulations).

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PART C: GOVERNANCE | BANKSETA ANNUAL REPORT 2021/22