Page 69 - TKZN Annual Report 2023/2024

• Exercising the utmost care to ensure reasonable protection of the assets and records of TKZN;
• Ensuring that TKZN has and maintains effective, efficient and transparent systems of financial and risk management and internal
controls.
• Compliance with and ensuring compliance by TKZN, with all applicable provisions of the PFMA and any other legislation applicable
to TKZN.
• Taking responsibility for the submission by TKZN, of all reports, returns, notices and other information to Parliament, the MEC, National
Treasury, or the Auditor-General as may be required by the PFMA;
• The Board Charter makes provision for the Board to delegate in writing, any of the powers entrusted or delegated to it in terms of the
PFMA, to an official of TKZN; or instruct an official to perform any of the duties assigned to the Board in terms of the PFMA;
• Enforcing effective corporate governance, including compliance (to the extent possible) with the recommendations and principles of
the King Code; particularly those related to:
• the governance of risk and of Information Technology (IT); and
• the effective management of ethics and ensuring the integration thereof into TKZN strategies and operations.
Board Charter
The Board has an approved Charter, which is reviewed annually and serves as a guide to the functioning of the Board. The Charter makes provision for the Board to establish committees and delegate some of its functions to the respective committees, in order for the committees to assist the Board in the execution of its mandate.
In compliance with applicable legislative and governance frameworks, the Board ensured that the following matters were, inter alia, attended to:
Strategy, Annual Performance Plan and Budget
TKZN’s Five-Year Strategy, the Annual Performance Plan and the Budget for 2023/24 were reviewed and submitted to the MEC within the prescribed timelines;
Performance Monitoring
The implementation of the Annual Performance Plan for 2023/24 was monitored accordingly; with Quarterly Performance Reports compiled by Management, reviewed by the Board and submitted to the Shareholder at the end of each quarter as required.
Review of Policies and Governance Frameworks
Several policies and governance frameworks were reviewed to strengthen internal controls and ensure compliance with governance requirements including, inter alia, the Board Charter and the Board Committees’Terms of Reference.
Composition of the Board
The structure and composition of the Board are guided by Section 2 of the KwaZulu-Natal Tourism Act, 1996 (as amended, including No. 2 of 2002) (“TKZN Act”) and are in compliance with corporate governance best practices. The Board has ten members, with the majority being nonexecutive members; and the Chief Executive Officer as an ex-officio member of the Board. Board meetings were held in accordance with the provisions of the Board Charter (“the Charter”) and in line with the Board Calendar and Annual Work Plan.
Board Membership and Attendance of Meetings
During the 2023/24 Financial year, the Board had 14 scheduled meetings, with six ordinary Board and continuation meetings, three stakeholder engagements, Risk Management sessions and Board Committee meetings that assisted the Board to play its oversight and governance roles.
TOURISM KWAZULU-NATAL ANNUAL REPORT 2023/2024 67