Standing Committees

Standing Committees

Delegation of authority

While the board delegates its authority to management, it retains the responsibility concerning the exercise of its delegated authority. In terms of Section 56 of the PFMA, the board may confirm, var y or revoke any decision taken by an official as a result of a delegation of powers by the board.

The board has established five standing committees, namely Audit Committee, Enterprise Risk Committee, Wholesale Investment Committee, Human Capital and Remuneration Committee and Direct Lending Committee, all of which are ultimately accountable to the board.

Audit Committee (Audit)

The committee monitors the adequacy of financial controls and repor ting, reviews audit plans and adherence to these by the external and internal auditors; ascer tains the reliability of the audit; ensures that financial repor ting complies with International Financial Repor ting Standards (IFRS) and the Companies Act; ensures the integrity of integrated repor ting; ensures that there are effective measures in place on Information Technology risks as they relate to financial repor ting; reviews and makes recommendations on all financial matters; and recommends to the board the appointment and removal of auditors.

Enterprise Risk Committee

The primary duty of the Risk Committee is the governance of risk. It assists management with the responsible stewardship of sustainability, including stakeholder impact, management of material issues, sustainability governance and repor ting.

Wholesale Investment Committee (WIC)

The purpose of the WIC is to act on behalf of the board by considering transactions mandated to it by the board which would, prior to the creation of the committee, vest with the board. The WIC considers transactions relating to the wholesale products where sefa exposure is less than R50 million. The WIC also considers transactions relating to the indemnity scheme where the transaction exposure is above R5 million and up to R50 million. WIC approval is required for all claims relating to the indemnity scheme that exceed R5 million.

Human Capital and Remuneration Committee (HCRC)

The main objective of the HCRC is to assist the board in the development of compensation policies, plans and performance goals, as well as specific compensation levels for sefa. The HCRC assists the board in fulfilling its oversight responsibilities relating to succession planning as well as overall compensation and human resource policies for all sefa employees.

Direct Lending Committee (DLC)

The purpose of the DLC is to act on behalf of the board by considering transactions and policicies mandated to it by the board.