Interfront 2024 Annual Report

A B D E C GOVERNANCE Portfolio Committees Parliament fulfils its role by evaluating the performance of public entities through the examination of their annual financial statements and other relevant documents that are tabled periodically. The National Assembly’s Standing Committee on Public Accounts (SCOPA) reviews these financial statements and the audit reports provided by external auditors. The Portfolio Committee oversees the service delivery performance of public entities by reviewing the non- financial information in their annual reports, focusing on service delivery, and promoting economic growth. As a wholly owned subsidiary of SARS, Interfront’s strategic planning, budgeting, risk management and reporting are integrated into those of SARS, and have become part of SARS’ public accountability processes. Executive Authority Oversight by the Executive Authority is guided by the provisions of the PFMA, which grants the Executive Authority the power to exercise oversight. The Executive Authority is also empowered to appoint and dismiss the Board, ensuring an appropriate mix of executive and non-executive directors with the necessary skills to lead Interfront effectively. The Minister of Finance appointed the initial Interfront Board at its incorporation. Subsequent renewals and replacements of Boardmembers have been approved by the Commissioner of SARS, acting as the Shareholder, in accordance with section 68(1) of the Companies Act and Interfront’s Memorandum of Incorporation (MOI).