Corporate Governance
SBC’s corporate governance framework reflects its commitment to achieving the highest operational standards. The business adheres to best practice corporate governance principles and where applicable, adopts the principles of Corporate Governance codes such as KING IV.
Corporate Governance Structure
Board of Directors
The SBC board of directors is represented by executive and non-executive directors. Non-executive representation on the board brings external judgment on issues of strategy, performance, minority rights protection where applicable and expertise on the relevant markets the companies operate in.
The appointment of an executive chairman to the group lends discerning leadership to the board enabling the members to fulfill their duties in ensuring that the high levels of accountability and business integrity are observed. The Board has the responsibility for the implementation of the Group’s strategy.
Technical Advisory Committee
The Technical Advisory Committee (TAC) comprises senior management of the SBC and Select business who add independence and suitable industry expertise to the committee. The TAC acts as an advisory committee for the Select Group and is responsible for inter alia advising on implementing group strategy considering broad business management issues, monitoring internal controls and risk management, monitoring compliance with all regulatory and legal requirements and advising on measures to be taken regarding performance of the Select business.
Audit Committee
The African Alliance Group employs an independent Audit Committee that oversees ongoing internal and external audits of the various operations throughout the Group. The Audit Committee’s interaction with external specialists and professional bodies help integrate industry best practice into SBC’s operating procedures.
Capital Allocation Committee
The Deal Committee is constituted to consider and approve, in advance, deals and products which meet with requirements set by the Committee. The committee is comprised of senior executive members of the African Alliance and Select Groups and is driven by the deal proposer. The committee evaluates Investments which involve a new country or new area of business.
Risk Committee
The objective of the Group Risk Committee (GRC) is to assist the boards of directors across the Group in the discharge of their duties relating to corporate accountability and the associated risk in terms of management, assurance and reporting. The GRC will review and assess the integrity of the risk control systems and ensure that the risk policies and strategies are effectively managed.
The GRC provides an independent and objective oversight and review of the information presented by management on corporate accountability and specifically associated risk, also taking account of reports by management, Internal Audit and Compliance and the Group Audit Committee to the boards on financial, business and strategic risk.
Country Executive Committees (EXCO)
The Country Executive Committees meet once every month to review business activities and results. The EXCO is responsible for monitoring and reporting to the TAC on internal controls and management while ensuring the effective implementation of decisions made on such matters. The country executive committees operate as a medium of communication and co-ordination between the business units, the TAC and the Select board of directors.
Country executive committee members typically include the Select Group CEO, Select Retail CEO and the Select Group CFO, as well as representatives from operations, credit and collections, business development and finance.
