Beyond the numbers

Thuthuka

About Thuthuka

Last Updated Thursday, April 26, 2018 12:07:36 PM

Thuthuka

To create a sufficient and sustainable base of appropriate and representative skills will take an enormous effort from all. While not exclusively the solution, large scale skills development initiatives are required to tackle the challenges at each level and between the levels of a candidate's progress. In order to drive this process and to manage and account for the external funding needed to initiate such large scale skills development programmes effectively, SAICA established two separate entities:

The first is the controlled entity Thuthuka Education Upliftment Fund, established in 2002. In 2005, this company was granted Public Benefit Organisation status with a Section 18(A) tax exemption. TEUF is a non-profit company in terms of companies act 2008, regulated by a separate Board of Directors who oversees the governance of the donated funds and the running of this organisation. The board of the group assessed whether the Group has control over TEUF based on whether the Group has a practical ability to direct the relevant activities of TEUF unilaterally. In making it’s judgement , the Board considered the TEUF’s memorandum of Incorporation , the fact that SAICA appoints five of the eight members who serve on the TEUF Board and the fact that the project manager is a SAICA representative. Based on the contractual arrangements between the Group and TEUF, the Group has the power to appoint and remove the majority of the TEUF Board members.

 

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