Interfront 2024 Annual Report

INTERFRONT ANNUAL REPORT 2024 Interfront Board Introduction The Interfront Board plays a pivotal role in steering the company’s strategic direction and ensuring robust governance practices. With its balanced mix of executive and non-executive directors, the Board is responsible for overseeing the development and implementation of Interfront’s strategic objectives, ensuring compliance with regulatory frameworks, and upholding the highest standards of corporate governance. By providing strategic guidance, monitoring performance and managing risks, the Board ensures that Interfront is aligned with its mission to support SARS and other stakeholders effectively. The Board’s commitment to excellence and integrity is fundamental to driving sustainable growth and delivering value to all stakeholders. The Board is Interfront’s accounting authority. Terms of Reference As recommended by the King IV Report, the Interfront Board adopted Terms of Reference which set out its responsibility. The Board Terms of Reference serve as a guide outlining the roles, responsibilities and authority of the Interfront Board in fulfilling its duties effectively. These terms delineate the Board’s functions, including its oversight of strategic planning, governance, risk management and financial performance. It provides clarity on the Board’s composition, structure and decision-making processes, ensuring transparency and accountability in all its activities. By adhering to these terms, the Board fosters a culture of integrity, professionalism and ethical conduct within Interfront, thereby promoting trust and confidence among stakeholders. The Terms of Reference serve as a cornerstone for the Board’s operations, guiding its actions in pursuit of Interfront’s vision, mission and objectives while upholding the highest standards of corporate governance. Board Composition During the financial period under review, the Interfront Board comprised seven directors, including an independent, non-executive Chairperson, an independent, non-executive director, three non-executive directors and two executive directors. The three non-executive directors are employees of the Shareholder and thus considered nominee directors, the discharge of whose responsibilities necessitates the exercise of bona fide independence and unfettered discretion, ensuring unbiased and objective consideration of Interfront’s affairs. This obligation to exercise independent judgement is particularly critical for nominee directors.