Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997)

Regulations

Regulations made under Section 17

Powers of directors

115. Audit and Employment Equity Committee
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Notwithstanding the provisions of section 10, the Board shall appoint—

[Words preceding regulation 115(a) substituted by Notice No. R. 151 of 1999]

(a) an audit committee which shall be responsible to the Board for reviewing the financial statements and accounting policies, the effectiveness of management information and other systems of internal control and the effectiveness of the audit function and to deal with auditors' findings; and
(b) a remuneration committee to consider the remuneration of the board and the executive members of management.

[Regulation 115(b) substituted by Notice No. R. 151 of 1999]

 

These committees shall respectively consist of not less than three persons appointed by the Board: Provided that the majority of the members of such a committee shall be non-executive members of the Board or other non-executive persons.