BANKSETA AR 31 AUGUST

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 on corporate governance, 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. Governance Structure Corporate governance focuses on the balance of interests amongmembers, directors and stakeholders to enable the organisation to achieve its objectives openly and transparently. BANKSETA, as a public entity and a steward of public funds, is accountable to its Executive Authority (and Portfolio Committee on Higher Education and Training) and stakeholders and is responsible for the implementation of its mandate. To discharge its duties and responsibilities effectively and, thereby, be an effective board in the achievement of strategic objectives, the Accounting Authority needs to ensure adherence to good corporate governance practices and compliance with the PFMA, King IV code on corporate governance (where applicable), National Treasury Regulations and other legislation.

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 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 9 of 1999, the SETA Standard Constitution and other relevant legislation. Portfolio Committee Parliament, through its Portfolio Committee on Higher Education and Training (Portfolio Committee), 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 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 legislation 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 2021/22, submitting all quarterly reports as required. were answered timeously. Executive Authority

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PART C: GOVERNANCE | BANKSETA ANNUAL REPORT 2021/22