2007 / 2008 Annual Report - Eastern Cape Development Corporation

EASTERN CAPE DEVELOPMENT CORPORATION 2007/08PART 1FOREWORDBY THE CHAIRPERSON OF THEEASTERN CAPE DEVELOPMENT CORPORATIONI am pleased to present to you our 2007/08 Annual Report, which presents an overview of the Corporation’s activitiesduring this period.During the period under review the Corporation focused on establishing and developing the fundamental structures,which has been achieved. The Board is currently at full capacity and has established three board committees,namely the Audit Committee charged with oversight of the Corporation’s system of internal control; the RemunerationCommittee charged with considering executive remuneration; and the Human Resource Committee which considersand makes recommendations on human resource matters. These committees functioned optimally during the year andadded value in the Board’s decision making process.The Executive Management team is also at full complement in key portfolios of the Corporation’s core areas of delivery.A steady stabilisation and turnaround of the Corporation’s business is firmly on course as operating losses have beensignificantly reduced in comparison to the prior year.Although we have experienced an operating loss in the year under review, we are confident that the Corporation willbreak even by 2010 by continuous implementation of the turnaround strategy.On behalf of the Board, I thank the CEO, his Executive team, management and the entire staff of the Corporation fortheir commitment and hard work during this period.I thank the Board for visionary leadership guidance in ensuring that the Corporation adheres to corporate governancestandards. I express my gratitude to the directors who retired during the year under review, Professor Newman Kusi andMs Naledi Burwana - Bisiwe for their contributions and stewardship, and welcome Mr Albert Mfenyana and Mr FrancisMawala as new members of the Board.I also wish to thank the Premier and the MEC of Economic Development and Environmental Affairs (DEDEA), for theirsupport.Prof Wiseman NkuhluChairpersonEastern Cape Development Corporation3