Page 47 - KZN Film Annual Report 2023/2024

KWAZULU-NATAL FILM COMMISSION
Governance
Introduction
Corporate governance embodies processes and systems by which public entities are directed, controlled and held to account. In addition to legislative requirements based on a public entity’s enabling legislation, and the Companies Act, corporate governance with regard to public entities is applied through the precepts of the Public Finance Management Act (PFMA) and run in tandem with the principles contained in the King’s Report on Corporate Governance.
Parliament, the Executive and the Accounting Authority of the public entity are responsible for corporate governance.
Portfolio Committees
The entity reports to the Economic Development, Tourism and Environmental Affairs Portfolio as well as the Finance Portfolio Committee and the Standing Committee on Public Accounts (SCOPA). KZNFILM Board attended one meeting during the financial year at the invitation of the Finance Portfolio Committee. templates
Executive Authority
The Executive Authority of the entity is the MEC for the Department of Economic Development, Tourism and Environmental Affairs.
The Accounting Authority
Introduction
The Board is appointed in terms of the founding legislation of the KZN Film Commission Act 3 of 2010. The Board is responsible for the strategic direction of the Entity and for the control of the Entity. In managing or directing the affairs of the Entity the Board has the authority to exercise all of the powers and perform any of the functions of the Entity except to the extent that the KZNFC Act provides otherwise.
The membership is clearly defined, and the responsibilities of the Board are guided by the principles of good corporate
governance, which include:
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Retaining full and effective control over the entity and providing effective leadership in the best interest of the Entity;.
Informing and approving the strategies and strategic objectives of the Entity and ensuring that strategy, risk, performance and sustainability considerations are effectively integrated and appropriately balanced; Determining and setting the tone of the Entity’s values including principles of ethical business practice and the requirements of being a responsible corporate citizen; Bringing independent, informed and effective judgment to bear on material decisions of the Entity including material entity policies, the framework of delegated authorities, appointment and removal of the Chief Executive Officer, approval of the appointment or removal of Executive Committee members, capital expenditure, annual budgets and annual reports;
Satisfying itself that the Entity is governed effectively in accordance with corporate governance best practices including risk management, legal compliance management, appropriate and relevant non-binding industry rules, codes and standards and internal control systemsMonitoring the implementation by Board Committees and executive management of the Board’s strategies, decisions, values and policies with a structured approach to governance, reporting, risk management, information management (including information technology) and risk based auditing; Ensuring that the Entity has effective Board Committees as required by the KZNFC Act, and recommended by best corporate governance practice (King IV);
Ensuring that there is an effective risk based internal audit;
Governing the disclosure control processes of the Entity including ensuring the integrity of the Entity’s annual report and reporting on the effectiveness of the Entity’s system of internal controls;
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ANNUAL REPORT 2023/2024