Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Codes of Good Practice on Black Economic Empowerment

Marketing, Advertising and Communication (MAC) Sector Charter

2. Constitution of the MAC SA

8. Financial Management
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8.1All financial transactions will be undertaken under the auspices of the Secretariat of the MAC Charter Council, in accordance with general accepted accounting principles.

 

8.2Financial reports will be presented to the MAC SA at every standing meeting.

 

8.3The Secretariat shall arrange for an annual audit to be conducted and presented to the MAC SA.

 

8.4The financial year will end on 31 March of every year.

 

8.5The MAC SA will be funded by the stakeholders through the mechanism adopted by the MAC Charter Council.