The Board has established an Executive committee of the Board, which may during the periods between meetings of the Board perform such functions of the Board as the Board may from time to time determine.
Audit and Risk Committee
The overall objective of the Audit and Risk Committee is to assist management with their responsibility of creating and maintaining an effective control environment within the Regulator, including financial control, accounting systems and reporting, as well as identifying material risks and giving them the required attention. The Audit Committee Charter is drawn in terms of paragraph 3.1.8 of the Treasury Regulations read with section 77 of the PFMA.
The main purpose of the Finance Committee is to support the functions of the SADPMR as described on the Diamond Act, 1986 as amended as well as the Precious Metals Act, 2005. The committee is to ensure an alignment between the activities of the Regulator to the provisions contained in the Public Finance Management Act, 1999 as amended. The committee also provide oversight of the SADPMR financial affairs which includes operational planning and capital budgeting.
To provide strategic level technical advice to the Board of the SADPMR regarding the diamond and precious metals industry. The Committee provides technical assistance and advice to the other Committees of the Board on request. To make recommendations to the Board on technical policy issues which amongst others include Kimberley Process Certification Scheme (KPCS), activities of the DEEC, Insurance, etc.
To advice the Board on any matter relating to licensing and inspections to identify, address or prevent the risks which might be encountered by the licensing officers and inspectors in performing their duties. To make recommendations to the Board on the resolutions taken by the Committee; and to evaluate the impact of current legislative requirements on the diamonds and precious metals industries.