South African Postbank SOC Limited Act, 2010 (Act No. 9 of 2010)Chapter IV : Control and Management of Company20A. Bank controlling company's organisational structure |
| (1) | The operations of the bank controlling company will consist primarily of compliance, risk management and governance functions. |
| (2) | The Board shall remain ultimately responsible for ensuring that its approved strategy is implemented and that the group’s purpose is fulfilled. |
| (3) | The Board also accepts its responsibility to ensure that risks are adequately identified, measured, managed and monitored and that good governance is maintained. |
| (4) |
| (a) | The Board will be supported by the Company Secretary who shall provide governance support as well. |
| (b) | The secretariat resource shall be shared with the Company. |
| (5) | The Board shall discharge its duties through policies and frameworks supported by Board committees established in terms of the Companies Act, the Banks Act and the Public Finance Management Act. |
[Section 20A inserted by section 12 of the South African Post Bank Limited Amendment Act, 2023, Notice No. 3746, GG49374, dated 27 September 2023: effective 19 February 2024, Commencement Proclamation 152, GG50126, dated 15 February 2024]