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FASSET | Annual Integrated Report 2022/23

5. THE ACCOUNTING AUTHORITY

5.1 Introduction Induction and Board Development

The FASSET Board is the AA as established in terms The Interim Board Chairperson has prioritised
of the FASSET constitution, and it fulfils its duties and professional development of members. An ongoing
responsibilities as provided for in the PFMA and Skills training and education programme enables the Board
Development Act, 97 of 1998, as amended. members to familiarise themselves with FASSET’s
operations, the business environment, their fiduciary
The Minister of Higher Education, Science and duties and responsibilities, FASSET’s expectations
Innovation appointed a new Board for a five-year of Board members in terms of commitment and
period commencing 1 April 2020 to 31 March behaviour, and regulatory changes and trends.
2025. The Board performs oversight of the affairs of
FASSET as well as retaining full and effective control The Board held all its required meetings as well
and management of FASSET in accordance with as those of its sub-committees and fulfilled all its
applicable legislation. The Board is also responsible responsibilities.
for the formulation and review of the strategic
direction of FASSET. The Board ensures that FASSET FASSET’s Board members have full and unrestricted
delivers on the requirements of the Skills Development access to management, FASSET information and
Act, 97 of 1998, as amended; and adherence to the property, and are entitled to seek independent
PFMA. professional advice in support of their duties.

5.2 The Role of the Board In the year under review, FASSET’s Board members
attended key PFMA training facilitated by the
National Treasury. A detailed Board Development
The role of the Board includes as follows:
and Training Programme as developed will be rolled
• Holds absolute responsibility for the out in the 2022/23 Financial Year.
performance of FASSET;
• Retains full and effective control and 5.3 Board Charter and Code of
management of FASSET; Conduct
• Ensures that FASSET carries out its fiduciary
duties; The King IV Code of Corporate Governance states
• Formulates, monitors and reviews the strategic that good governance starts with effective leadership.
direction of FASSET;
• Formulates and/or monitors and reviews annual The Board Charter regulates the parameters
within which the AA will operate and ensures
budgets and plans, risk policy and major plans the application of sound corporate governance
of action; principles. It sets out the mandate, goals, roles
• Develops clear definition of levels of materiality; and responsibilities of the AA and addresses the

• Ensures Financial Statements are prepared; following:
• Manages conflicts of interest; • AA powers and composition;
• Monitors the performance of the CEO; • Authority of the AA;
• Ensures strategic and operational objectives of • Fiduciary responsibilities;
sustainable performance and meeting the needs • Mandate, goals, role and functions;
of FASSET’s stakeholders; • Role of the Chairperson;

• Assesses organisational performance and risks; • Role and responsibilities of the CEO;
• Ensures that decisions and material issues are • Relationship with staff and other stakeholders;
addressed; and
• Maintains integrity, responsibility and • AA committees, committee meetings and
frequency of meetings;
accountability.
• AA evaluation of effectiveness;

Make the future count.
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