The Board of Directors
Eyezizwe is managed by a group of volunteers. Once the CFI is registered the 1st annual general meeting will elect its board of directors. Each area will have a chapter that will manage its area operations.
Eyezizwe Co-operative is a deposit taking financial co-operative which meets all the requirement for registration of a co-operative in terms of the Co-operatives Act 2005 as well as the Banks Act exemption notice, currently number 620 of 2014, and its associated rules.
Eyezizwe is governed by our Board of Directors on behalf of, and for the benefit of our shareholders. Because of this, our shareholders have a say in how the Bank is governed. Every year they have the opportunity to nominate and vote for Directors on our Board.
Board of Directors
The Board is responsible for our corporate governance and operates under the framework set out in our Constitution. The Board oversees Eyezizwe and its operations, and is responsible for organisational governance and risk management. It ensures that Eyezizwe operates in accordance with Conditions of Registration imposed by the Reserve Bank.
The Board delegates responsibility for the day-to-day management of the Bank to the Chief Executive and the Senior Leadership Team within a Delegated Authorities Framework. It is responsible for appointing the Chief Executive and for the Chief Executive’s performance, and it approves the appointment and remuneration of members of the Senior Leadership Team.
The Board has a responsibility to ensure that it has the collective and individual skills to effectively undertake its responsibilities and is committed to the Constitution that describes the nature and role of the Bank and its Core Beliefs. All new Directors participate in an induction programme which sets out their roles and responsibilities. The Directors meet at least eight times a year
The Board’s main areas of focus include:
- Approving the strategy and objectives of Eyezizwe
- Approving the business plan and budget every year, and monitoring performance
- Setting the Eyezizwe’s risk governance framework, providing guidance on acceptable levels of risk and formulating risk management policy
- Approving and ensuring the integrity of the company’s financial reporting and disclosure statements
- Maintaining the Core Foundations of the Eyezizwe
- Acting to safeguard the business and reputation of the Bank for the long-term benefit of its members.
The Board's committees
The Board has three permanent working committees to assist the Board on three specific areas of focus – the Audit, Risk, and Education and Marketing. Each committee has a charter approved by the Board and is chaired by an independent Director. All Directors may attend Board Committee meetings
- Audit Committee The Audit Committee assists the Board in its oversight of financial reporting, internal controls and internal audit. Our external auditor is invited to attend all meetings, which are held at least four times a year. The current Audit Committee comprises Sarah Haydon (Chair), Brendan O'Donovan, Dianne Kidd and Brett Sutton.
- Risk Committee The Risk Committee assists the Board with its responsibility to oversee the effectiveness and integrity of the risk management framework and risk reporting within the Bank’s approved strategic direction and risk appetite.
- Education and Marketing Committee The Education and Marketing Committee assists the Board in its responsibility to oversee the financial education of members and marketing
Every year our members can nominate candidates to stand for election as Directors. At the same time, the two longest serving Directors (since their last election) retire by rotation and can choose to stand for re-election. An independent firm will conduct the elections
How Directors are assessed
All Directors will have to be assessed by the Board in accordance with the Eyezizwe’s Fit and Proper Policy and their appointments have been confirmed by the South African Reserve Bank under its Fit and Proper Standard.
The Board's performance
The Board’s performance is reviewed annually. The review includes a Director self-assessment, and a peer and Chairman’s review. The Board then discusses its performance and agrees on action plans for any development areas identified.