Interfront 2024 Annual Report

A B C D FINANCIAL INFORMATION Board of Directors The Board: • Retains full control over the entity, its plans and strategy. • Acknowledges its responsibilities as to strategy; compliance with internal policies, external laws and regulations; effective risk management and performance measurement; transparency; and effective communication, both internally and externally by the entity. • Is of a unitary structure and comprised during the year: | two non-executive independent directors, of whom 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 Chairperson and Managing Director are separate, with responsibilities being divided between them in such a manner that neither individual has unfettered powers of discretion. Remuneration The remuneration of the Acting Managing Director/Financial Director and the Director of Operations, who are the only two executive directors of the entity, was determined by the controlling entity upon appointment, and the Board will determine the increase in their remuneration, within limits. Executive Meetings Non-executive directors have access to all members of management of the entity. Details of the Board members and their meeting attendance are disclosed in  Part C: Governance  . Internal Audit As permitted by the PFMA, the entity has outsourced its internal audit function to the Internal Audit unit of SARS. Controlling Entity Interfront’s controlling entity is SARS, 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, and section 84(3)(b) of the Companies Act, the AGSA will continue in office for the next financial period. Annual Financial Statements The financial statements set out on pages 101 to 128, which have been prepared on the going-concern basis, were approved by the Board on 31 July 2024.