MEA 2017 South Africa Awards

6 MEA MARKETS / APRIL 2017 reliance on various Board committees. The chairman guides and monitors the input and contribution of the directors. The Board has approved a Board charter that provides guidance to the directors in discharging their duties and responsibilities. Compliance, not only with the letter but also with the spirit of relevant governance codes, remains a priority for the organization. As a state-owned enterprise, Eskom is guided by the principles of the Code of Corporate Practices and Conduct contained in the King Report on Corporate Governance for South Africa 2002 (King II Report), as well as the Protocol on Corporate Governance in the Public Sector 2002. Furthermore, the statutory duties, responsibilities and liabilities imposed on the directors of Eskom by the Companies Act, 71 of 2008, as amended, are augmented by those contained in the Public Finance Management Act, 1 of 1999, as amended by Act 29 of 1999 (PFMA). Without collaboration such staying at the cutting edge of the latest market changes would be impossible, therefore Eskom maintains membership of many organisations, including the Corporate Council on Africa, the Institute of Nuclear Power Operations and the International Chamber of Commerce. Additionally, the firm partners with a vast network of affiliates from across the corporate space, including the Energy Access Partnership, the Endangered Wildlife Trust and Consulting Engineers South Africa. Alongside the main business’ work in electricity provision, Eskom Holdings’ Enterprises Division designs, builds and refurbishes Eskom’s assets, and acts as a catalyst for project development for the group. Eskom Enterprises’ main focus is to support Eskom Holdings and be the custodian of non-regulated businesses and offer strategic and commercial lifecycle services to the line divisions. Currently, Eskom generates, transmits and distributes electricity to industrial, mining, commercial, agricultural and residential customers and redistributors. Additional power stations and major power lines are being built to meet rising electricity demand in South Africa. Eskom will continue to focus on improving and strengthening its core business of electricity generation, transmission, trading and distribution. Overall, Eskom buys electricity from and sells electricity to the countries of the Southern African Development Community (SADC). The future involvement in African markets outside South Africa (that is the SADC countries connected to the South African grid and the rest of Africa) is limited to those projects that have a direct impact on ensuring security of supply for South Africa.