housing - National Housing Finance Corporation

More documents

Recommendations

Info

CORPORATE GOVERNANCE INTRODUCTION Corporate governance structures and processes have been in place at the National Housing Finance Corporation Limited (“the Corporation”) since its inception in 1996 and they are continuously reviewed to: u reflect internal developments; u ensure that the business is managed ethically and within prudent risk parameters; and u align it with national best practices. The Protocol on Corporate Governance in the Public Sector (“the Protocol”) was published in September 2002 to inculcate principles of good governance in stateowned enterprises. The Protocol should be read in conjunction with the second King Committee Report on Corporate Practices and Conduct (“the King Code”) which came into effect in March 2002, as it seeks to amplify the principles underlying the King Code. The Board reaffirms the Corporation’s commitment to sound governance practices underlying the Protocol and the King Code. A Special Audit and Risk Committee meeting was convened during the year to consider the key findings of a corporate governance review conducted by our internal auditors. THE CORPORATION’S APPLICATION OF THE PROTOCOL AND KING II RECOMMENDATIONS The Board of Directors The Corporation’s Board comprises eight members, the details of which are reflected on page 15 of this annual report. They bring a wide range of financial and legal expertise, and independent experienced judgement to bear on issues of strategy, performance, protection of stakeholders interests and the setting of the Corporation’s policies. Board procedures and matters The Board, that meets at least four times a year, determines the strategic direction of the Corporation and maintains full and effective control over the Corporation. The Board monitors the implementation of Strategies and Policies through structured reporting on the basis of agreed performance criteria and accountability. The implementation of Strategies and Policies is delegated to Executive Management. 14 NHFC ANNUAL REPORT 2006
The record of attendance at the Board Committee meetings for the financial year ended 31 March 2006 is reflected below: Board Name of Director Category of Director 30/06/2005 29/09/2005 30/01/2006 27/02/2006 1 30/03/2006 Mr E Molobi Non-executive Chair ✓ * * * * Mr A C Canter Non-executive ✓ ✓ ✓ ✗ ✓ Mr M Dlabantu ** *** Non-executive Prof M M Katz Non-executive ✓ ✓ ✗ ✓ ✓ Ms N E Makiwane Non-executive ✗ ✓ ✓ ✓ ✓ Mr T A Middleton Non-executive ✓ ✓ ✓ ✓ ✓ Ms N Mjoli-Mncube Non-executive ✓ ✓ ✗ ✓ ✗ Mr S S Moraba (CEO) Executive ✓ ✓ ✓ ✓ ✓ Mr S S Ntsaluba Non-executive ✓ ✓ ✗ ✓ ✓ Mr S A Tati Non-executive ✓ ✓ ✓ ✗ ✗ ✓ Indicates attendance. ✗ Indicates absence with apology. * Mr Molobi had leave of absence due to illness during this period. ** A representative of the Department of Housing has attended these meetings obo the shareholder. *** Department of Housing representatives withdrawn from Board with effect from 8 March 2006. Audit and risk committee Name of Member 14/06/2005 30/08/2005 2 15/11/2005 23/02/2006 Mr S A Tati (Chair) ✗ ✓ ✗ ✓ Mr M S V Gantsho (co-opted) ✗ ✓ ✗ ✗ Mr S S Moraba (CEO) ✓ ✓ ✓ ✓ Mr S S Ntsaluba ✓ ✓ ✓ ✓ 1 Special meeting 2 Special meeting NHFC ANNUAL REPORT 2006 15
Page 1 and 2: A N N U A L R E P O R T 2 0 0 6 u O
Page 4 and 5: A TRIBUTE TO OUR CHAIRMAN IN MEMORY
Page 6 and 7: KEY FINANCIAL FEATURES 2006 % 2005
Page 8 and 9: HIGHLIGHTS NHFC - TEN YEARS ON NHFC
Page 10 and 11: BOARD OF DIRECTORS Mr Tim Middleton
Page 12 and 13: “EVERY TIME YOU ARE TEMPTED TO RE
Page 14 and 15: CHIEF EXECUTIVE’S REPORT CONTINUE
Page 16 and 17: CHIEF EXECUTIVE’S REPORT CONTINUE
Page 20 and 21: CORPORATE GOVERNANCE CONTINUED Boar
Page 22 and 23: CORPORATE GOVERNANCE CONTINUED MCC
Page 24 and 25: CORPORATE GOVERNANCE CONTINUED inte
Page 26 and 27: ANNUAL FINANCIAL STATEMENTS FOR THE
Page 28 and 29: REPORT OF THE INDEPENDENT AUDITORS
Page 30 and 31: REPORT OF THE DIRECTORS The Directo
Page 32 and 33: BALANCE SHEETS AS AT 31 MARCH 2006
Page 34 and 35: STATEMENT OF CHANGES IN EQUITY FOR
Page 36 and 37: GROUP ACCOUNTING POLICIES 1. CORPOR
Page 38 and 39: GROUP ACCOUNTING POLICIES CONTINUED
Page 44 and 45: NOTES TO THE ANNUAL FINANCIAL STATE
Page 68 and 69:
NOTES TO THE ANNUAL FINANCIAL STATE
Page 70 and 71:
NOTES TO THE ANNUAL FINANCIAL STATE
Page 72:
ADMINISTRATION REGISTRATION NUMBER
show all

housing - National Housing Finance Corporation

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?