Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)Industry ChartersFinancial Services CharterCode Series FS200: The Measurement of the Management and Control Element of Broad-Based Black Economic Empowerment3. The Board and Common Examples of Top Management |
Board Participation:
| • | Board means the body consisting of persons appointed to undertake the executive management of the enterprise. Their main functions are to design, formulate and implement policy and undertake strategic planning, as well as to plan, direct and co-ordinate the overall policies and activities of the enterprise. These are also the persons responsible for governance of the enterprise as defined in the King Report. |
| • | Board participation refers to the level of control exercised by a person over the decisions of the Board. |
| • | Measured entities that do not have a Board of Directors may apply to the Sector Council for dispensation to deem their Executive Committee to be a Board. Any measured entity that does not have a formal Board of Directors may apply to the Sector Council for a dispensation to deem their Executive Committee as a Board. |
| • | Notwithstanding this provision, the onus shall be on the measured entity applying for this dispensation to provide sufficient evidence to the Sector Council that members claimed as part of an Executive Committee do in fact hold responsibility that can be deemed to be of such a senior nature as to justify their claim. |
The inclusion of the following examples of Top Management is for guidance purposes only:
| 3.1 | Senior Top Management positions include the chief executive officer (managing director), the chief operating officer, the chief financial officer and other people holding similar positions. |
| 3.2 | Other Top Management positions include the chief information officer, the head of marketing, the head of sales, the head of public relations, the head of transformation, the head of human resources and other people holding similar positions. |