Social Housing Act, 2008 (Act No. 16 of 2008)RegulationsSocial Housing RegulationsChapter 5 : Investment Criteria25. Governance and Management Criteria |
| (1) | The social housing institution must be registered as a legal entity in the form of a company, trust or co-operative under the respective legislation. |
| (2) | The social housing institution must comply with all legal and regulatory requirements applicable to the institution's legal entity. |
| (3) | The social housing institution should have an effective board of directors or trustees and must set up a governing structure. |
| (4) | The board of directors must establish decision-making authority and policies that should encompass— |
| (a) | audit and remuneration; |
| (b) | procurement; and |
| (c) | finance and credit risk. |
| (5) | The board of directors must establish company procedures for consistent management application and operational efficiency, which procedures must cover— |
| (a) | human resource management and management responsibilities; |
| (b) | procurement; |
| (c) | financial administration and accounting; |
| (d) | management information system; and |
| (e) | company secretarial, legal and audit obligations. |