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