FSB Annual Report

The Public Finance Management Act (PFMA) requires all public entities to submit their annual reports to parliament through the Finance Minister at the end of August every year. The FSB has been complying with this requirement since it published its first report in 1991. The practice since then has always been for FSB executives to present the Annual Report (AR) to parliament’s Standing Committee on Finance (SCoF), before the report is published on the FSB website. This is a common practice for many public entities. The FSB had no reason to deviate from this 24 year old practice when preparing the 2014/15 AR.

This report was tabled in parliament on the 28th of August 2015, in accordance with statutory requirements and within the specified timeframe. The FSB was scheduled to give its presentation to the SCoF on 22 September 2015, but this was cancelled and rescheduled for 14 October 2015. This date was also cancelled. Public entities can only present reports to the SCoF on invitation, this is how the committee works. Our executives have since been waiting for an invitation to present the report, in line with the committee’s practice.

On page 71 of the 2014/15 AR, the Chairman of the FSB Board has made full disclosures of investigations into the cancellation of dormant pension funds between 2007 and 2013. The disclosures indicate that the outcomes of these investigations are expected in the 2015/2016 report. Furthermore on page 30 of the AR an update is given on the status of the cancellations.

The FSB adheres to highest standards of corporate governance, with no tolerance for corruption or any wrongdoings. Allegations of any breach of the PFMA are therefore without foundation, and are strongly rejected. As a public entity, the FSB is stringently monitored. Every year the Auditor General conducts a comprehensive audit of our financial and non-financial performance and the FSB has received unqualified audits for the past 24 years.