SACAA Annual Report 2022_23

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As part of the Board’s governance mandate, the Board held its annual Strategic Planning Session and robustly reviewed the strategic goals, outcomes, values, vision, mission, risks, and opportunities and ensured that these are backed up by sound reasoning and aligned with the goals of the Executive Authority. These initiatives have enabled the organisation to stay focused on its long-term strategic objectives, while remaining agile enough to respond to changes in the business environment.

As stated above, the Board subscribes to the principles of the King IV Report on Corporate Governance™ and is pleased with the entity’s application of the King IV™ principles. The Board will continuously strive for improvement as governance best practices evolve.

Table 19 exemplifies the Board’s application of the King IV™ principles at a high level during the year: No. Outcome Principle Application Governance Instrument Status 1. Ethical Leadership The governing body should lead ethically and effectively. The Board has a Board Charter in place that sets the tone at the top and indicates the responsibility of the Board to ensure that SACAA is

• Board Charter • Board Induction Process • The Ethics Policy and other policies • Delegation of Authority

ethically and effectively managed. The conduct of the Board, its committees, individual directors, and Company Secretary are evaluated and reviewed every second year to establish that those charged with governance exhibit the required characteristics. Along with directing the strategy and monitoring performance, the responsibility for good corporate governance remains that of the Board. Accordingly, management is required to make decisions that are strategically sound and comply with the relevant legislation and policies in the interests of all stakeholders, to achieve the principles of good corporate governance. The Board has adopted a set of values and an Ethics Policy that assist the Board to set the ethical tone from the top.

Governance I Annual Report 2022/23 I 97