Saica announces new board after rigorous governance review
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CAPE TOWN – The South African Institute of Chartered Accountants (Saica) on Wednesday announced the appointment of a new board following a rigorous governance review of the institute.
The Saica governance review kicked off in July 2018 with the establishment of a Governance Review Task Team (GRTT) led by Roy Andersen CA(SA).
The GRTT mandate included the review of Saica’s governance structures and defining a more diversified and balanced board inclusive of independent persons from outside the membership of Saica, with the necessary skills and experience to provide strategic guidance.
Saica came under harsh scrutiny in July 2018 by industry stakeholders for allegedly dropping the accounting profession “into the gutter”. The media reported that according to JSE chairperson of the financial reporting investigations panel and former Saica employee, Linda de Beer, Saica’s board structure was “fundamentally flawed”.
The organisation was reportedly criticised by one of its members, Khaya Sithole who called for the entire board to be dismissed. Saica responded to this by distancing themselves from Sithole as well as the allegations and reiterated its support for its whole leadership team.
The organisation said in a statement on Wednesday that following the GRTT’s research into how similar bodies around the world were structured and consultations with Saica members and stakeholders, the GRTT submitted their recommendation for a revised Saica constitution to the board, which was subsequently approved by members at the annual general meeting held on June 26, 2019.
“The revised constitution requires that the Saica board comprises executive and non-executive members, which will include non-chartered accountants. It also requires the board to be representative, diverse and balanced with the necessary skills and experience to help provide strategic guidance.
“Saica therefore invited chartered accountants (SA) and non-chartered accountants to apply, or for individuals to nominate suitably qualified candidates, to serve on the Saica board as non-executive members,” said Saica in the statement.
Following a rigorous interview process as well as a member voting process at a special general meeting held on October 23, the following people were voted to be SAICA Board members with immediate effect:
- Johan du Toit SC, LLM, Advocate of the High Court of South Africa, Acting Judge of the High Court of South Africa
- Babalwa Bekwa, BCom Informatics, Head of Strategic and Systems Programme Office at Discovery Health Systems
- Yasmin Forbes, MBA, Chartered Director [CD(SA)], Information Technology Executive and Business Consultant
- Ilse Lubbe CA(SA), Associate Professor, College of Accounting, University of Cape Town, South Africa
- Bonolo Ramokhele CA(SA), Partner in Charge at Differentia Chartered Accountants (Pty) Ltd
- Professor Monica Singer CA(SA), CONSENSYS AG-South Africa Lead for Consensys
- Tsakani Maluleke CA(SA), Deputy Auditor-General at the Auditor-General of South Africa
- Patricia Stock CA(SA) and Registered Auditor, CEO at AKA Africa Group
- Refilwe Matenche CA(SA), Founder and President of African Women’s Movement (AWM)
Saica’s chief executive Freeman Nomvalo said there would be a transitional period where the current board would provide handover support to the new board to ensure continuity.
“The new board chairperson, the lead independent board member, the chairpersons of committees as well as committee members will be determined by the board at a later date. The member constituencies of Saica will still enjoy a strong voice in the governance of the Institute through the chairman of the council also joining the newly appointed Board.
“We thank the outgoing Board for their significant effort and hard work over the past months and wish them well in their future endeavours. We trust the new Board will take their mandate to heart and will lead SAICA to new heights,” said Nomvalo.