The Governance directorate supports the NRF in meeting the organisational objectives through the adoption of leading governance principles and practices. The directorate ensures that the NRF complies with various performance planning and reporting requirements as mandated by the Public Finance Management Act, 1999 (Act No. 1 of 1999) and other government regulations. In addition, it also provides assurance services with regard to legislation, regulatory frameworks and best practice.
Alignment to best practices/standards
The governance environment is driven by a combination of applicable laws and non-binding rules. The most significant influence on the governance environment is derived from the King Report on Corporate Governance for South Africa (King III) which is endorsed by the NRF Board and Executive, not only to drive compliance with laws, regulations and best practice, but also to focus on non-binding rules, codes and standards that determine best practise.
The Governance directorate consists of a number of functional units that create an enabling structure against which the NRF measures its compliance in terms of regulation and best practice. Figure 1 is a summary of the functional units within the Governance directorate.
Figure 1: Governance Activities
*The RIMS project is also managed as a unit of the governance Directorate.