Following the South African Institute of Foundrymen’s 55th AGM held on Tuesday, 14th May 2019 at Reading Country Club no new directors were elected to serve on the board of the SAIF for the following year (2019/2020) as no proposals or nominations had been received.
Continuing on as Chairperson will be Glen Dikgale and Janley Kotze as Deputy Chairperson.
Other Directors include Enno Krueger, Nigel Pardoe and Didier Nyembwe.
However, it was noted that Justin de Beer had resigned as a director and his position as treasurer. No new treasurer was elected.
The MOI of the SAIF requires that the Board of Directors will consist of not less than three (3) and not more than seven (7) directors, one third of whom will retire each year in rotation.
It was also noted that the Executive Director Sagren Naicker had resigned in October 2018, after only having been in the position for 19 months, and no new person had been contracted to fill his position.
It was noted that although the SAIF incurred substantial losses during the last two financial years, large amounts of this loss can be attributed to depreciation costs of capital equipment.
The Annual Financial Statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.
For further details visit www.foundries.org