Interfront 2025 Annual Report

124 INTERFRONT ANNUAL REPORT 2025 • Is a unitary structure and is comprised during the year: | Three non-executive independent directors of which one serves as the Chairperson | Non-executive Directors, employed by the Shareholder | Executive directors. Chairperson and Managing Director The Chairperson is a non-executive and independent Director (as defined by the Code). The roles of the Chairperson and Managing Director are separate, with responsibilities divided between them in such a manner that no individual has unfettered powers of discretion. Remuneration The Board determines executive directors’ remuneration in line with the entity’s remuneration policy, ensuring fairness and alignment with performance objectives. The non-executive directors’ fees are set in accordance with the National Treasury Guidelines. Non-executive directors employed by the shareholder are not remunerated for Board duties. The entity adheres to the Companies Act and the principles of King IV, maintaining transparency and accountability in all remuneration-related matters. Executive meetings Non-executive Directors have access to all members of the entity’s management. Details of the Board members and their meeting attendance are disclosed in in this report. Internal Audit As permitted by the Public Finance Management Act, 2003, the entity outsourced its internal audit function to the Internal Audit Function of SARS. Controlling Entity Interfront’s controlling entity is the South African Revenue Service, established by the South African Revenue Service Act of 1997. Auditors In line with the requirements of the Public Audit Act, No. 25 of 2004 (“PAA”) and paragraph 84(3)(b) of the Companies Act, the AGSA will continue in office for the next financial period. Compliance The Board confirms that, to the best of its knowledge, the entity has complied with all applicable laws, regulations, and governance codes relevant to its operations during the financial year. This includes adherence to the Public Finance Management Act, Companies Act, King IV Report, and National Treasury guidelines. Annual financial statements The financial statements set out on page 134 to 160, which have been prepared on the going concern basis, were approved by the Board on 31 July 2025.