Board of Directors is committed to aligning corporate governance with national and international best practices. Corporate governance is the set of practices, processes, customs, policies, laws and regulations that influence the way a company is controlled, directed and managed.
governance procedures of the ECIC:
The ECIC is listed as a Schedule 3b public entity in terms of the Public Finance Management Act (1999), as amended, (“PFMA”). As such, ECIC is subjected to legislation specifically applicable to state-owned entities – notably the Promotion of Access to Information Act and the Promotion of Administrative Justice Act.
The Corporation is a company established in terms of the Export Credit and Foreign Investments Insurance Act (1957), as amended, and incorporated in terms of the Companies Act (2008), as amended. Accordingly, the legislative framework applicable to corporate entities in South Africa, for instance the Companies Act, labour and tax legislation, are applicable to ECIC. The PFMA, however, supersedes all the other pieces of legislation, bar the Constitution of the country. ECIC is run on business principles under the leadership of a unitary board of directors.
The ECIC is a registered financial services provider (FSP 30656) and subject to the supervision and scrutiny of the Financial Services Board (FSB).