Fasset, as a public entity, is governed by the Public Finance Management Act and is also committed to ensuring that the recommendations of the King Reports are adhered to. In this regard a comprehensive set of policies have been designed and implemented in accordance with the Fasset Constitution and in support of Fasset’s Sector Skills Plan and Business Plan. These policies contribute towards the effectiveness of corporate governance strategies and are in accordance with the Public Finance Management Act and King Reports.
Fasset has also undertaken to assist employers in its sector by developing guidelines on corporate governance and advice on how the strategies relating to corporate governance can be implemented. These guidelines have been published as a part of Fasset‘s commitment to promoting the highest standards of corporate governance in South Africa.
This guideline document not only embraces the King recommendations, but goes beyond these principles in setting out the most important duties and responsibilities for all directors, trustees, sole proprietors, members and partners.
Fasset believes that these guidelines will assist employers in the sector in performing their duties and fulfilling their responsibilities. In addition to acting as a source of reference to newly appointed directors, members or trustees a review of the guidelines may identify new methods and ideas.
The guidelines have been prepared for Fasset, by our attorneys, Webber Wentzel Bowens. Should you have any suggestions and or questions with regard to corporate governance, please contact the corporate department at Webber Wentzel Bowens, the author of this document.
Corporate governance is the system or process by which companies, partnerships, close corporations and trusts are directed and controlled. Directors of the board, members of a close corporation and trustees of a trust are all responsible for the governance of their enterprise.