To enable the Board to properly discharge its onerous responsibilities and duties, certain responsibilities of the Board have been delegated to Board Committees. The creation of Committees does not reduce a Director’s overall responsibility and therefore all Committees must report and make recommendations to the Board. All Board Committees are chaired by a Non-Executive Director. Furthermore, each Board Committee acts in accordance with its respective Charter.
Committees of the Board assist the Board to efficiently advance the business of the Board. In tandem with the aforesaid, Committees are able to demonstrate that Director Responsibilities are being adequately and properly discharged. The Board has instituted the following committees:
The Corporate Support and Human Resources Committee
comprising of Directors suited to specialising in human resources, human capital as well as corporate social responsibilities. The purpose of the Bloem Water Audit Committee is to assist the Board in fulfilling its oversight responsibility for the integrated reporting process, the system of internal control, the audit process, and Bloem Water’s process for monitoring compliance with laws, regulations, voluntary codes, best practices and the code of conduct.
The Finance Committee
comprising of Directors with expertise in the area of finance, audit and assets management and supply chain management. The Finance Committee assisted the Board in fulfilling its oversight role with regards to governance of financial management and financial accounting by reviewing quarterly, financial statements, investment management, and procurement processes through meetings which were held at least once a quarter. The Committee monitored and evaluated the effective and efficient functioning and operation of the Finance, Engineering and Projects and Operations and Maintenance Departments within Bloem Water.
The Audit Committee
comprising of Directors with expertise in finance, internal control and risk management. The purpose of the Bloem Water Audit Committee is to assist the Board in fulfilling its oversight responsibility for the integrated reporting process, the system of internal control, the audit process, and Bloem Water’s process for monitoring compliance with laws, regulations, voluntary codes, best practices and the code of conduct.
The Chairperson’s Committee
comprising of the Chairpersons to all the Board’s sub-Committees.
The Social & Ethics Committee
comprising of Directors with skills and expertise in legal as well as areas that ensure the Organisation’s compliance with social, ethical and codes of best practice. The primary function of the Committee is to assist the Board of Directors with the oversight and monitoring of social and ethical matters related to Bloem Water’s activities, the extent to which Organisational Values are implemented and the impacts on Organisational stakeholders (internal and external).
The Capital Projects & Fixed Assets Committee
comprising of Directors with expertise in capital appropriations and long term projects. The Purpose of the Capital Projects & Fixed Assets Committee is to assist the Board in the discharging of its duties relating to creating long and short term plans for Bloem Water Capital Projects and Fixed Assets, ensuring that the funding sources are in place to carry out these plans and assist the Board with capital expenditure programme related decisions within its delegated authority.
The Board of Trustees is an independent Committee and meets on a regular basis to deal with Pension Fund matters in accordance to the Pension Fund rules and regulations as well as applicable legislation.