Corporate Governance

The core values of Council embrace the principles of good corporate governance, as contained in the King II Report on Corporate Governance for South Africa. Council endeavours to comply with the code of King II on all matters relating to corporate governance including finance.

Councillors

Council members meet four times annually and are responsible for preparing financial statements, executive management and exercising control over the organisation’s activities. The roles of the president and the chief executive officer are separate in accordance with the King II recommendations. The president holds a non-executive office. Council members set the overall policy for the organisation and make decisions on matters of strategic importance.

Financial Statements

Council members are responsible for the preparation of annual financial statements that fairly presents the financial position of the organisation and the results of its operations and cash flow information. An external auditor is responsible for independently auditing and reporting on these financial statements. In preparing financial statements council to GAAP.

2010 SAPC Financial Statements
2009 SAPC Financial Statements

Audit Committee

The Audit Committee is an independent Committee established to provide oversight and additional assurance on the reliability and integrity of both financial and non-financial activities of Council.

Business Risk

A risk focused internal audit plan is developed by internal auditors and approved by the Audit Committee. The internal audit function is outsourced to independent auditors and report frequently on the adequacy of internal controls implemented by management.

Social Responsibility

Council is an equal opportunity employer and had adopted a proactive stance towards black economic empowerment. Our procurement policies (e.g. on acquisition of goods and services) are in support of government policy for the general good in addressing past imbalances.

Code of Conduct

Council is committed to an exemplary standard of business ethics and transparency in all its dealings with stakeholders. Both council members and employees are bound by a code of conduct. Gifts received, if accepted, are entered into a gift register in line with good corporate governance.