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