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Governance

Governance

Governance of the IDC is guided by the IDC Act (No 22 of 1940, ), the Public Finance Management Act 1 of 1999 (“PFMA”), and the King Report on Governance for South Africa 2009 (King III). In keeping with best practice, IDC ensures that its governance practices and procedures comply with the Companies Act, 2008. In the year under review, we have taken significant steps to integrate sustainability issues into the core of our business. As discussed earlier in this report, we have improved our stakeholder engagement to establish issues material to our operations and have incorporated these into our strategy.

In the general course of business, we have applied the principles set out in King III with the following qualifications:
  • Currently the Board monitors and evaluates significant IT investments and expenditure
  • Currently we are building our capacity to ensure:
    • The integrity of the Corporation’s integrated report
    • More informtion is available on the web at www.idc.co.za/ IR2012
    • Sustainability reporting and disclosure is integrated with the Corporation’s financial reporting
    • Sustainability reporting and disclosure is independently assured
  • Considering our status as a state-owned enterprise, equitable treatment of shareholders is not applicable.