The board oversees compliance with the universal regulatory framework in accordance with good governance. The audit committee is responsible for monitoring, assessing and reporting on any new developments within the regulatory framework and reporting on any significant changes to the board. A compliance framework is in the process of being adopted and approved by the board.

The group endeavours to stay abreast of all intended or promulgated legislation. The following regulations continued to have a significant impact on the group:

  • Companies Act;
  • JSE Listings Requirements;
  • Employment Equity Act;
  • Broad-Based Black Economic Empowerment Act and related Codes of Good Practice;
  • The South African Schools Act;
  • The National Credit Act;
  • The Consumer Protection Act;
  • Value-added Tax;
  • Income Tax Act;
  • Higher Education Act; and
  • General and Further Education and Training Quality Assurance Act.

The following areas continue to be key focus areas in 2018:

  • Protection of Personal Information Act (POPI);
  • Broad-Based Black Economic Empowerment Act and related Codes of Good Practice;
  • Value-added Tax;
  • Income Tax Act;
  • King IV Report on Corporate Governance in South Africa;
  • Employment Equity Act;
  • Higher Education Act;
  • Umalusi Policy and Criteria, upon publication of the final version, under the General and Further Education and Training Quality Assurance Act; and
  • Other applicable foreign legislation.

There were no material or repeated regulatory penalties, sanctions or fines for contraventions of statutory obligations in the 2017 financial year.