Interfront 2024 Annual Report

INTERFRONT ANNUAL REPORT 2024 Board Committees The Interfront Board reviews and approves the Terms of Reference for each of its committees to ensure that they are in line with the organisation’s strategic goals and governance standards. These Terms of Reference meticulously define the purpose and responsibilities of each committee, establishing a clear framework for their operations. It specifies the frequency and scheduling of meetings, ensuring that committees meet regularly to address their mandates effectively. The document also outlines the composition of each committee, detailing selection criteria for members to ensure a diverse and competent team. In addition, the Terms of Reference address the protocols for attendance at meetings, distinguishing between permanent invitees and ad-hoc members to maintain order and relevance in discussions. Voting rights and procedures are clearly delineated, providing a structured approach to decision-making within each committee. By adhering to these Terms of Reference, Interfront’s committees operate with enhanced clarity, accountability and efficiency, contributing to the overall governance of Interfront. Audit and Risk Committee The Audit and Risk Committee of Interfront is composed entirely of independent members, none of whom serve as executive directors. This independence ensures unbiased oversight of the company’s financial and risk management practices. The members of the committee possess the necessary financial literacy, skills and experience to fulfil their responsibilities effectively and efficiently. The Internal Audit team attends all committee meetings, providing ongoing insight and updates. Additionally, the Auditor-General of South Africa (AGSA) is invited to all meetings to present their audit findings and reports, ensuring comprehensive oversight and accountability. One of the key responsibilities of the Audit and Risk Committee is to review Interfront’s financial statements. Upon thorough examination, the committee recommends these statements for approval by the Board. The committee also oversees the Interfront Risk Register, regularly reviewing reports on progress regarding mitigating actions to ensure robust risk management. Annually, the committee reports on the effectiveness of internal controls and other pertinent matters within its mandate. Detailed insights and assessments from the committee can be found in their report on page 61 of this Annual Report. This process underscores the committee’s commitment to maintaining high standards of corporate governance and financial integrity within Interfront.