Chairperson ’ s report ( continued )
The Tribunal is guided by the statutory duties set out in the Public Finance Management Act 1 of 1999 ( PFMA ), augmented by the principles of corporate governance as set out in the King Code on Corporate Governance . A major achievement by the Tribunal this year was the positive assessment it received in terms of the King Code , as was the unqualifi ed audit that we received for the fourth year in succession .
A signifi cant milestone in our efforts to maintain excellent levels of corporate governance was the introduction this year of a Fraud Hotline . This will facilitate the anonymous reporting of any suspected cases of fraud and unethical activity to an independent entity . The hotline is available 24 hours a day throughout the year , and is operated by a leading company of auditors .
In our efforts to establish exemplary corporate governance , the Tribunal is given invaluable assistance by two governance committees : the Audit and Risk Committee , consisting of three independent non-executive members , and the Chairperson ’ s Advisory Committee ( CAC ). The CAC holds meetings on average every three months and provides the Chairperson with input and advice on strategic matters . The Audit and Risk Committee held six meetings during the year .
Members of the CAC : From left to right , Prof Bonke Dumisa , Ms Diane Terblanche , and Adv Fati Manamela .
The management of risk constitutes a critical element of corporate governance , and the Tribunal monitors risk on an ongoing basis . By identifying both strategic and operational risks , and introducing measures to counteract them , the Tribunal does its utmost to ensure that impediments to its growth are minimised . A risk register is maintained and regularly reviewed by management to identify corrective action needed . The latest risk assessment was conducted in September 2010 .
Two areas of risk that have been identifi ed in the past are that of human resources and information technology . As a result , a Human Resources ( HR ) Strategy and Plan , and an Information Communication Technology Strategy and Plan have been implemented . Excellent progress has been made on implementing various solutions in terms of the IT strategy .
Annual Report 2011 page 10 | national consumer tribunal