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Skills Development Act, 1998 (Act No. 97 of 1998)


Constitution of the Financial and Accounting Services Sector Education and Training Authority (FASSET)

9. Additional Core Corporate Governance Requirements


9.1 Corporate governance and the PFMA


As a Schedule 3A public entity, Fasset must comply with all provisions pertaining to sound financial management as detailed in section 14 of the Act and the relevant sections of the PFMA.


It is the duty of the management board to present a balanced and understandable assessment of Fasset‘s position in communicating with stakeholders. The information must be consistent with the guidelines of openness and substance over form. Communication should address, in a timely manner, material matters of interest and concern to all stakeholders. Reports and communications must be made in the context of society’s demands for greater transparency and accountability.


The management board is accountable for ensuring that Fasset has effective internal controls in place aimed at reducing, in a cost-effective manner, risk or loss. These controls include the proper delegation of responsibilities, effective accounting procedures and the adequate segregation of duties.


9.2 Human resource management


Fasset is an Investor In People and, as such, the management board will ensure that Fasset, as an employer:

implements practices that lead to the effective sharing of relevant information to enable employees to gain a better understanding of Fasset and in particular, its code of conduct;
conducts effective consultation with employees before Fasset takes decisions that affect these employees;
has in place a process to identify and resolve conflict situations in a timely manner; and
has in place an effective employment equity programme, which will be monitored by the management board on a bi-annual basis.