Our Focus Areas and Performance
FOCUS AREAS AND PERFORMANCE
Many of the Board’s key focus areas during the reporting period followed on from those in the previous period. These included:
- Continuing assessment and management of the impact of the COVID-19 pandemic on aviation and, in turn, on the Group.
- Monitoring the review and implementation of the COVID-19 Financial Plan and Budget based on the Beyond New Normal Scenarios.
- Reviewing the KPIs in the Corporate Plan for FY2022 to FY2024 and the Growth and Non-aeronautical Revenue Strategies.
- Condoning and writing off irregular, fruitless and wasteful expenditure during the period.
- Approving the Annual Financial Statements.
- Approving the FY2022 to FY2024 Corporate Plan.
- Monitoring the action plan for the Board Effectiveness Evaluation Report.
- Finalising the Macro Structure.
- Monitoring performance of the Company through quarterly performance reports.
- Approving necessary policies and frameworks for implementation of the approved strategy.
- Monitoring the proposed disposal of ACSA shares in GRUpar.
- Ensuring strategic risks facing the Company are assessed and mitigated.
- Ensuring stakeholders are engaged.
BOARD EVALUATION
The annual Board evaluation was conducted as scheduled. This included an assessment of the Board as a whole as well as assessments of the Chairman of the Board, the individual Directors, the Board Committees and the Chairpersons of the Board Committees.
The evaluation of the Board covered the application of governance principles in the following areas of activity:
- Board attributes and culture
- Ethical culture and conduct
- Board meetings and processes
- Risk Management
- Environmental, Social and Corporate Governance
- Oversight over the ACSA Strategy
- Information and Communication Technology
- Stakeholder management
- Role of the Chairman
- Role of the Company Secretary
- Board induction, orientation and development
- Individual director assessment (peer review)
Some development areas were identified, including cybersecurity, IT infrastructure, ESG framework implementation, risk sensing and scenario modelling. There were, however, many areas in which there had been improvement, including stakeholder management, the level of reporting to the various committees and the implementation of a succession planning process. The Board, together with management, also needs to consider assessing in-house skills as a number of employees were lost during the severance package process that was conducted during the COVID-19 pandemic.
The performance of the Committees of the Board was also evaluated and they were found to have effectively discharged their roles and responsibilities.
The office of the Company Secretariat continues to provide unfettered guidance and support to the Board and the Committees. The CEO continues to ensure the effective implementation of the strategy and related strategic objectives.
The Board and the Committees of the Board will continue to focus on the following critical areas during the current period (FY2023):
- Financial sustainability and recovery
- Business competitiveness
- Risk management
- Revenue diversification
- Innovation
- Cybersecurity
- Recovery of the aviation sector
- Succession planning
- ESG
Further details relating to these focus areas are available in the ACSA Governance and Remuneration Report for 2022.
COMMITTEES OF THE BOARD AND THEIR WORK
