Board of Directors are committed to aligning corporate governance with national and international best practice. 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.
ECIC is a registered Financial Service Provider, regulated by the FSCA and Prudential Authority (FSP No: 30656). Currently exempted in terms of FAIS Notice 78 of 2019.
ECIC B-BBEE CERTIFICATE
Broad-Based Black Economic Empowerment (BBBEE or B-BBEE) is a form of economic empowerment initiated by the South African government in response to criticism against Black Economic Empowerment instituted in the country during 2003/2004. The primary purpose of the BBBEE Act and the Codes is to address the legacy of apartheid and promote the economic participation of Black People in the South African economy. ECIC hereby endorses the B-BBEE Act.
KING IV PRINCIPLES
The Corporation endorses the principles contained in King IV. The Board believes that the Corporation complies in all respects with the material provisions of King IV for the financial year commencing 1 April 2018.