Ombud Council AR 2026

PART C: GOVERNANCE

4. Board and Accounting Authority The Council is established in terms of section 175 of the FSR Act which also provides that, notwithstanding section 49 (2) of the PFMA, the Chairperson of the Council (not its Board) is the accounting authority of the Council for purposes of the PFMA. Section 184 of the FSR Act prescribes the role of the Council Board which, in summary, is to: • Oversee the management and administration of the Council to ensure that it is efficient and effective. • Appoint members of Committees of the Council and direct their work. • Make determinations of fees in terms of financial sector laws. • Keep the Minister of Finance and financial sector regulators informed of stated matters regarding the conduct of ombud schemes and financial institutions. • Address other matters assigned to the Board in terms of financial sector laws. Board Charter As recommended by the King Codes, the Board has a Charter setting out its role and responsibilities as well as the requirements for its members, its meetings, and other procedures. The Board acts as the focal point and custodian of corporate governance in the Council by steering the organisation and setting its strategic direction; granting approvals to give effect to that direction; overseeing and monitoring the implementation and execution of the strategy by management; and ensuring accountability for the organisation’s performance through reporting and disclosure. During the period under review the Board achieved the following in accordance with the Board Charter: • Members attended all Board meetings as scheduled and there was a quorum in all the Board and Committee meetings convened.

• Performed its duties and responsibilities in terms of overseeing the management and administration of the Council to ensure that it is efficient and effective. • Approved the Council’s Strategic Plan, GRC Framework and APP. • Approved several Council policies. • Approved the Chief Ombud’s performance agreement. • Reviewed its Charter and Committee Terms of Reference. • Undertook to implement the recommendations of the previous year’s Board and Committee evaluations exercise. Composition of the Board The composition of the Board is prescribed by section 176 of the FSR Act (2017). The Board comprises the Chief Ombud, the Commissioner of the FSCA, and six non executive directors. The Commissioner does not have a vote on a question being considered by the Board, as per s.179(3) of the FSR Act (2017). The majority of the members of the Board were reappointed by the Minister of Finance on 1 November 2023, for staggered tenures ending in 2027 and 2028 respectively. The current FSCA Commissioner has had his term as Commissioner renewed by a further five years effective 1 June 2026, which will translate to his continued membership of the Board. The Minister also re-appointed Board member Ms Lebogang Senne effective 1 January 2026 for a four-year term. Regarding the attendance of Board Meetings, four scheduled Board meetings and two special meetings were convened during the period under review. Three of the Board meetings took place on a virtual platform. A face to-face Board strategic planning and risk workshop took place in September 2025.

Ombud Council 2025/26 Annual Report

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