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Board Audit and Risk Committee presentation to the Parliament Portfolio Committee 10 October 2013

Board Audit and Risk Committee presentation to the Parliament Portfolio Committee 10 October 2013. Introduction. BARC is a committee of the Board Chairman appointed by the Board All BARC members are directors of the Board

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Board Audit and Risk Committee presentation to the Parliament Portfolio Committee 10 October 2013

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  1. Board Audit and Risk Committee presentation to the Parliament Portfolio Committee 10 October 2013

  2. Introduction • BARC is a committee of the Board • Chairman appointed by the Board • All BARC members are directors of the Board • BARC consists of at least three independent, non executive directors

  3. BARC Terms of Reference • Approved annually by the Board • Terms of Reference drives BARC agenda and activities • Describes the BARC • Roles and responsibilities • Composition • Operating guidelines • As at 31 March 2013 the BARC complies with • Companies Act no. 71 of 2008 • PFMA Act 1 of 1999 • King III (except Integrated reporting)

  4. BARC Duties and Responsibilities • BARC members elected by shareholder at each AGM • BARC has an independent role with accountability to the Board and the Shareholder • Collective skills of the BARC are appropriate to fulfil its oversight role • BARC has oversight responsibilities in respect of: • Finance • Combined Assurance • Internal Audit • Risk Management • External Audit • Compliance • Oversight responsibilities include the review of:

  5. BARC Meetings and Activities • A compliance plan drives the nature of the agenda and frequency of BARC meetings • Five meetings were held during 2012/13 • All meetings were Quorate • Examples of matters discussed and resolved by the BARC include:

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