Interfront 2025 Annual Report

123 FINANCIAL INFORMATION Accounting Policies The Annual Financial Statements are prepared in accordance with the effective standards of GRAP, as issued by the Accounting Standards Board and prescribed by the framework developed by the National Treasury. More details on the accounting policies can be found on page 138 of the Annual Financial Statements. Share Capital There were no changes in the authorised or issued share capital of the entity during the year under review. Interfront was capitalised by way of an interest-free shareholder’s loan. The loan is fully repaid. Distributions to Owners No dividends were declared or paid during the year under review. Board Details of the Board members can be found under . Secretary Ms. Madelein Pepperell served as the Company Secretary for the term. Corporate Governance General The Board is committed to business integrity, transparency and professionalism in all its activities. As part of this commitment, the Board supports the highest standards of corporate governance and the ongoing development of best practice. Interfront adheres to the statutory duties and responsibilities set out in the Companies Act and PFMA. The entity confirms and acknowledges its responsibility for compliance with the Code of Corporate Practices and Conduct (“Code”) laid out in the King Report on Corporate Governance for South Africa, 2016. The Board members discuss the responsibilities of management in this respect and monitor the entity’s compliance with the code at Board meetings. The salient features of the entity’s adoption of the Code can be found in . Board of Directors The Board: • Retains full control over the entity, its plans, and its strategy • Acknowledges its responsibilities regarding strategy, compliance with internal policies, external laws and regulations, effective risk management and performance measurement, transparency, and effective communication, both internally and externally by the entity.