Corporate GovernanceSubsequently, in 2006, the Board was evaluated by an independent organisation, the results of which were complimentary to SANRAL's commitment to good governance. A further review was conducted in 2008, again with good findings. The 2009 Corporate Governance review is currently ongoing.
Corporate Governance and Enterprise-wide Risk Management
Corporate governance and the management of risk lie at the heart of SANRAL’s conduct of its business. The organisation now has a track record of its willingness to embrace a culture of the visible practice of good governance in the achievement of its economic, environmental and social objectives.
This acceptance has been well entrenched at Board level and has filtered through the rank and file of the organisation. The Board formally acknowledges that the values of integrity and service excellence be pursued ethically in all its decisions and activities.
SANRAL fully subscribes to the governance principles of transparency
SANRAL fully subscribes to the governance principles of transparency, social responsibility and accountability as embodied within the Protocol on Corporate Governance in the Public Sector and the King II Code of Corporate Governance. In addition, SANRAL takes pride in its efforts to be compliant with the requirements of the Companies Act, No. 61 of 1973, the Public Finance Management Act, No. 1 of 1999 and the Treasury Regulations.
A follow-up assessment of SANRAL’s responsiveness to, and its practice of, good corporate governance principles at Board and senior management levels, was conducted during the year under review. The laudable results of the assessment were an improvement on the favourable report received at the first corporate governance review conducted in 2002/ 2003.
Corporate Governance Review
Management has been working on the action items highlighted by the review to further improve its governance record.
A Board evaluation exercise, conducted by an independent facilitator, is currently underway (May 2006). The Board and management are committed to the achievement of high standards, and SANRAL’s corporate governance structures and practices will continue to evolve and improve.