Interfront 2024 Annual Report

A B D E C GOVERNANCE Theindependent,non-executiveChairperson and the two executive directors are the longest-serving members of the accounting authority, each having completed twelve years in their respective positions at the time of this report. According to Principle 29 of the King IV Report, a non-executive member may continue serving independently for more than nine years under certain conditions, including an annual assessment confirming their objective judgement and absence of undue influence or bias. An assessment concluded that Mr Mustaq Enus-Brey meets these criteria, having no connections that could unduly influence his decision-making. The Interfront Financial Director serves as the Acting Managing Director, with the Delegation of Authority amended to ensure the effective segregation of duties while retaining her financial responsibilities. The roles of the Chairperson and Managing Director remain distinct, with the Chairperson sitting on the Remuneration, Social and Ethics Committee but not on the SARS/ Interfront Audit and Risk Committee. Mr Gustav Vermaas, the independent, non-executive director, joined the Board in June 2023. In exercising its powers and setting direction, the Board, as the accounting authority, ensures that Interfront operates in a manner that minimises conflicts of interest with its Shareholder and that it serves the best interests of all its stakeholders. Role of the Board The role of the Board includes, but is not limited to: APPOINTMENT AND OVERSIGHT OF MANAGEMENT ROLE OF THE BOARD STRATEGIC OVERSIGHT GOVERNANCE AND COMPLIANCE RISK MANAGEMENT FINANCIAL OVERSIGHT STRATEGIC OVERSIGHT  The Board is responsible for setting the strategic direction of Interfront, ensuring that its activities are in line with the company’s mission, vision and long-term objectives. It oversees the development and implementation of strategic plans to drive Interfront forward. GOVERNANCE AND COMPLIANCE The Board ensures that Interfront operates within legal and regulatory frameworks, including compliance with the PFMA, the Companies Act and other relevant legislation. It establishes and monitors internal controls to safeguard assets, manage risks, and maintain transparency and accountability. RISK MANAGEMENT The Board identifies, assesses andmitigates risks that may impact Interfront’s operations, finances or reputation. It implements risk management processes and procedures to proactively address potential threats and seize opportunities while safeguarding the interests of stakeholders. FINANCIAL OVERSIGHT The Board oversees Interfront’s financial performance, including budgeting, financial reporting and asset management. It reviews financial statements, audits and reports to ensure accuracy, integrity and compliance with accounting standards and regulatory requirements. APPOINTMENT AND OVERSIGHT OF MANAGEMENT The Board appoints, evaluates and provides guidance to the executive management team and other senior executives. It monitors management performance, succession planning and leadership development to ensure the effective execution of Interfront’s strategies and objectives.