The purpose of this chapter is to define to stakeholders the nature and practice of governance in Deloitte.
Deloitte is a leading brand in the South African market and globally. As a firm engaged with roles as an auditor, advisor and business partner across the entire spectrum of the South African economy, the maintenance of the Deloitte reputation - essentially the factor that differentiates it from many others in the market - is of vital importance.
Our firm is governed by the Deloitte Southern Africa Board of Directors (‘the Board’), which in turn is constituted in terms of the provisions of the Partnership Agreement. To the extent possible for a partnership the Board subscribes to the King 111 Code of Corporate Practices and Conduct. Effective management of the partnership requires that changing circumstances and differences in the individual contributions and circumstances of each of the partners and directors is taken into account. It is recognised that as there are too many partners and directors to permit all to participate fully or meaningfully in the governance of the partnership, this must be delegated to a Board of Partners and Directors in whom overall responsibility for the oversight of the business and affairs of the partnership vests. The purpose of the Board is to represent the interests of the firm, its partners, directors and other stakeholders, in pursuit of the firm’s mission of becoming the leading professional services firm in Southern Africa.
The Board, as the focal point of corporate governance and the ultimate oversight and monitoring body, is accountable for the long-term sustainable success of the firm and the quality and value of its contribution viewed from the perspective of all our stakeholders.
In addition, the Board has a responsibility to the broader stakeholders, which include the present and potential beneficiaries of Deloitte products and services, clients, employees, alumni and the profession, to achieve continuing prosperity and a pristine reputation for the firm.
At Deloitte we aim to preserve public trust through the practice and promotion of sound ethics, good corporate governance and quality in all its forms.
In accordance with the best traditions of corporate governance, we insist on a separation between the Board of Partners and Directors and executive management.
The Board elects a chairman at the beginning of its term and his or her duties are very similar to those of a corporate chairman in line with the best principles of corporate governance. Our Board of Partners and Directors regards its primary responsibilities as fourfold:
To facilitate the work of the Board, it has been structured into a number of committees. Each Board committee has its own charter which governs its role and performance.