PC Finance: Committee Reports: Adopted

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Finance Standing Committee

27 November 2014
Chairperson: Mr Y Carrim (ANC)
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Meeting Summary

The Committee met to consider and adopt the outstanding reports and minutes. A DA Member suggested that the matter of African Bank needed to be further considered at another Committee meeting, as there was not enough information provided by the National Treasury on the matter. He also noted that the report on African Bank by the South African Reserve Bank (SARB) had been outstanding for some months and he pointed out that this had been a topical issue for three months and interventions were needed. He wanted these reservations noted when it came to the Committee adopting the reports. Other matters raised, arising from the reports, that required further action were the alleged salary paid to the Chief Executive Officer of the Financial Services Board (FSB), which the Chairperson was mandated to raise with the Minister, discussions on transfer pricing, profit shifting and base erosion with National Treasury and the South African Reserve Bank, sector skills and knowledge that needed to be raised by the Chairperson as a concern of the Committee, by writing to the Minister of Higher Education, Dr Blade Nzimande, and the Chairperson of the Portfolio Committee on Higher Education. All reports were adopted, with the reservations of the DA duly noted in respect of African Bank. Members also adopted the minutes of the entire term.
 

Meeting report

Adoption of outstanding Committee Reports and matters to be pursued

Mr D Ross (DA) suggested that the issue of African Bank needed to be considered further at another Committee meeting, as there was not enough information provided by the National Treasury on the matter.

Mr Ross also expressed concern over the delay in the South African Reserve Bank (SARB) report on African Bank. He pointed out that this had been a topical matter for three months, and the intervention  by SARB was necessary and should have been expedited. 

The Chairperson felt that the matter of the Chief Executive Officer (CEO) of the Financial Services Board (FSB,) who was reported to be earning R5 million per annum, should be considered further by National Treasury. Members mandated him to raise this with the Minster of Finance.

The Chairperson also remarked that the matter of National Treasury (NT) and the South African Revenue Services (SARS) on the transfer pricing, profit shifting and base erosion needed to be discussed further, as was critically important.

The Chairperson mentioned that he would write to the Minister of Higher Education, Dr Blade Nzimande and the Chairperson of the Portfolio Committee on Higher Education regarding the issue of insufficient sector specific skills and knowledge.

The Chairperson requested the Members to adopt the outstanding reports, and Ms M Mafolo (ANC) moved for the adoption of all reports.

Mr Ross stated that he had a reservation with adopting the current reporting of the FSB, as this had  some gaps in terms of what the Committee expected. However, he had no problem with the other reports, and was prepared to second their adoption.

The majority of Members adopted all reports, but noted the reservation of Mr Ross.

Adoption of minutes

The Chairperson requested the Members to adopt the outstanding minutes of the entire term in one motion. 

The minutes were duly adopted with no changes.

The meeting was adjourned. 

Documents

No related documents

Present

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