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About Rand Water Foundations
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Rand Water Foundations
About Rand Water Foundation
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The Rand Water Foundation is a wholly owned subsidiary of Rand Water established to carry out the Corporate Social Responsibility (CSI) programme of Rand Water. Established in 2001, the Foundation is registered as a Section 21, Non Profit, and developmental entity of Rand Water. It has been operational since 2003.
The Foundation is mandated by Rand Water to:
Promote the delivery of water related services to communities in the areas falling within and outside Rand Water’s area of supply;
Coordinate, administer and manage Rand Water’s Corporate
Investment resources by undertaking community development projects in partnership with various donors and relevant stakeholders.
Play a strategic developmental role that may require decisions that are not always optimal from a commercial perspective, but contribute to Rand Water’s socio economic developmental imperatives, DWEA’s developmental priorities, and National Government’s broader objectives and the growth and development in South Africa and Africa.
Corporate Governance Legislative and Regulatory Framework
The Rand Water Foundation (“Foundation”) is an association incorporated in 2001 under section 21 of the Companies Act, and it is based on compliance with the following legislation and regulatory framework:
The Constitution, Chapter 2.
Companies Act 61 of 1973.
Companies Act 71, 2008 (New).
Public Finance Management Act 1, 1999.
Water Services Act 108, 1997.
National Water Act 36, 1998.
Environmental Conservation Act 73, 1989.
Non Profit Organizations Act 71, 1997.
BEE Act 53, 2003.
International Financial Reporting Standards (IFRS).
The Income Tax Act.
Board of Directors
The Foundation Board comprises of both non-executive directors and independent non-executive directors, and an executive director. As the highest authority the Board is required to: Act as the focal point for corporate governance; Ensure that the organization acts as and is seen to be a responsible corporate citizen. The Board is subject to regular evaluation with regard to its performance and effectiveness.
Delegation of Authority
Board retains the authority and the accountability for its governance, and has delegated to the General Manager of the Foundation the authority to run the day-to-day affairs of the Foundation, thereby entrusting the incumbent with such responsibility.
Newly appointed directors undergo an induction to enhance their understanding of the Foundation’s business including its legislative framework and governance process.
Appointment of Directors
Rand Water is responsible for the appointment of Directors of the Foundation‘s Board and the Shareholder representative members.
Current Directors are:
Mr. L Mngomezulu
Mr. E Ratshikopa
Ms. L Netshitenzhe
Ms. A Mafuleka
Ms. M Lekwane
Ms. M Sekoaila
Mr. S Mosai
The Foundation‘s audit related work is reviewed at the Group Audit Committee level.
The Committee; Acts as a resource, by providing advice, consultation and help (where feasible and appropriate) to RWF in facilitating their development/initiation of socio-economic developmental projects approved by the RWF Board and the Board of Rand Water.
The Foundation utilizes the services of the Group Secretariat, i.e. Company Secretary, and the Committee Secretaries.