Page 32 - SABN AR 2021

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South African Bank Note Company (RF) Proprietary Limited
Introduction
The directors present their report on the activities of the SABN for the financial year ended 31 March 2021.
The SABN’s management prepared the annual financial statements set out in this report. The statements include appropriate and applicable disclosure, are based on accounting policies that have been applied consistently, and are supported by reasonable and prudent judgements and estimates.
The financial statements were audited by independent auditors. These auditors were given unrestricted access to all financial records and related data, including the minutes of meetings of the Company.
Nature of business
The SABN produces banknotes for the SARB as well as banknotes and security documents for a selective client base.
Review of operations and results
The review of operations and results are outlined on pages 8 and 14 of this report.
Dividends
No dividends were declared for the financial year ended 31 March 2021.
Directors
There were two director changes during the period under review: Mr R J G Barrow had completed three successive terms on the SABN Board as at 15 February 2021 and was therefore not eligible for reappointment. Dr T M Nombembe was appointed to the Board with effect from 16 February 2021.
The composition of the Board and its committees, as well as a breakdown of the directors in office during the financial year under review, is provided in the tables on the next page:
Annual Report 2021
Directors’ report
for the year ended 31 March 2021