Page 68 - TKZN Annual Report 2023/2024

GOVERNANCE Introduction
During the period under review, the Board continued to play its leadership and oversight role in the governance of TKZN, including, but not limited to, ensuring that the Entity is managed and operates in line with governance best practices and has the necessary governance structures in place.
Mandate
TKZN derives its mandate from the KwaZulu-Natal Tourism Act, 1996 (as amended, including No. 2 of 2002). As a scheduled 3C public entity, TKZN is also subjected to the applicable provisions of the Public Finance Management Act, 1999 (Act No. 1 of 1999) (PFMA), as amended; and the associated Treasury Regulations; as well as other legislative prescripts and governance frameworks applicable to schedule 3C public entities.
TKZN is also subjected to international obligations that it has to comply with due to its role of marketing the destination, locally and abroad.
Portfolio Committee
The Economic Development & Tourism Portfolio Committee continued to play its oversight role on the affairs of TKZN; and reviewed TKZN Strategic and the Annual Performance Plans and associated Quarterly Reports; as well as TKZN Annual Report for 2023/24 financial year. TKZN’s appearance before the Committee is done jointly with the KwaZulu-Natal Economic Development, Tourism and Environmental Affairs (EDTEA). TKZN appreciates the fruitful engagements with and ongoing guidance and support from the Committee.
Executive Authority
The MEC of EDTEA, represents Government as the sole shareholder and executive authority. In his oversight role pertaining to the affairs of TKZN, the MEC is assisted by the KwaZulu-Natal Economic Development, Tourism and Environmental Affairs (EDTEA) as well as the Board of TKZN.
Some of the key reports and documents reviewed by the Board of TKZN and approved and/or reviewed by the MEC included, inter alia, the following:
• TKZN Five-Year Strategy and the Annual Performance Plan and the associated Budget;
• Quarterly Performance Reports against TKZN Annual Performance Plan for 2023/24 financial year; and
• TKZN Annual Report and audited Annual Financial Statements for 2023/24.
The Accounting Authority (The Board)
Introduction
The Tourism KwaZulu-Natal Board (“the Board”) is appointed by the MEC in terms of the KwaZulu-Natal Tourism Act, 1996 (as amended, including No. 2 of 2002) in contemplation of section (5) (2). The mandate of the Board is derived from the same legislation, augmented by the relevant provisions of the PFMA; the Treasury Regulations issued in terms of the PFMA; and, to some extent, the King Report on Corporate Governance for South Africa – amongst others.
The current Board was appointed for a period of three years, effective 1 August 2021 to 31 March 2024 pending the rationalisation process. In appointment of the new Board, the MEC ensured that there was smooth transition and continuity with the right balance between the new members and the reappointed and/or retained members.
The Role of the Board
The main responsibilities of the Board include the following:
• •
Providing strategic direction and leadership to TKZN, in order to ensure long-term sustainability of the organisation;
Setting policies and standards and monitoring the execution of the entity’s Five-Year Strategy, the Annual Performance Plan and Budget;
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TOURISM KWAZULU-NATAL ANNUAL REPORT 2023/2024