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Boxing South Africa (BSA) Turn around strategy

Boxing South Africa (BSA) Turn around strategy. Review of the Portfolio Committee 27 October 2010. background. Context. This presentation is a brief summary to the high level actions taken to revitalise Boxing South Africa (“BSA”) since August 2010.

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Boxing South Africa (BSA) Turn around strategy

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  1. Boxing South Africa (BSA)Turn around strategy Review of the Portfolio Committee 27 October 2010

  2. background

  3. Context • This presentation is a brief summary to the high level actions taken to revitalise Boxing South Africa (“BSA”) since August 2010. • The content should not be considered exhaustive. • The current focus is a quick “turn around” of the remaining problems areas of BSA to – • ensure that the foundations are reset and BSA operates off a platform of solvency, best practice corporate governance, and efficiency; • Provide BSA with a solid framework from which to deliver its mandate, based on transparency, certainty and predictability; • Deal with the major obstacles currently affecting the development of the sport.

  4. Strategic planning • In August 2010, the Minister of Sport and Recreation (“the Minister”) appointed three new members of the Board of BSA. • In September 2010 the new constituted board held a strategic planning session to review the current state of affairs, determine the way forward and to assign roles and responsibilities to the various board members. • In conjunction a detailed internal review has been underway to understand the current state of affairs. • A board meeting was held on 19 October 2010 to ratify the outcomes of the strategic planning session and to approve various outputs. • This process led to a comprehensive review of the remaining issues and problems in BSA that needed to be resolved, the development of a strategy to resolve these and the beginning of the implementation of that strategy.

  5. Approach • The newly constituted Board has taken a view that its needs to adopt a unified forward looking approach to identifying the shortcomings in the organisation. • These shortcomings were identified without passing judgment as to how they arose and all board members committed to work as a team to resolve them.

  6. Status as at August 2010

  7. Financial Status • Although the financial position of BSA improved over the previous eighteen months, BSA remains in an insolvent position (assets exceeded liabilities). This position has been in place for some time. • BSA operated on a surplus for the annual period to April 2010. This was mainly a result of significant cost cutting, which inevitably reduced the capacity of the organisation to deliver its mandate. • The grant from SRSA for the annual period to April 2011 had not been released primarily due to the non-compliance with the reporting requirements of SRSA and National Treasury. • Systems and procedures on financial management and reporting were lacking, and BSA did not have a coherent operating budget in place. • The audit committee was in place but was not functioning adequately. • The ongoing review and analysis of the financial position by the board was not adequate. • No sponsorships are in place and there are no prospects or initiatives underway to secure sponsorships.

  8. Corporate Governance • The BSA board was functioning in an ad hoc and informal manner. • The procedure and process for Board meetings was inadequate. • Board oversight over decision making was limited and no formal approvals or sign off mechanisms to limit the powers of management. • Minutes of meetings were not of an acceptable standard. • Committees had no clear terms of reference and were not functioning properly.

  9. Operational issues • An acting CEO has been in place for over 18 months and the process underway to appoint a permanent CEO needed to be reconsidered and reinitiated. • Capacity in the organisation to deliver on the mandate was limited. In particular, there is a lack of business acumen and financial capacity. • There is limited formal communication with stakeholders.

  10. Boxing matters • There was no clear code of conduct in place. • There was no formal and functioning disciplinary committee in place. • There was no formal dispute resolution procedures, process and forums in place to deal with disputes between licensees. • Limitedmajor initiatives are underway to develop the sport at both amateur and professional level. This is primarily a result of the lack of resources in the organisation. • There are no sponsorships and no prospects of any sponsorships. • The lack of broadcasting of fights is a major problem.

  11. the way forwardTurn around strategy

  12. Financial matters

  13. Corporate governance

  14. Operational issues

  15. Boxing matters

  16. What has been doneFrom August 2010What is planned to April 2011

  17. Actions taken to date – financial matters • Detailed review of financial position • Completion of detailed operational budget (approved by Board) • Oversight procedures for all spend (approved by Board) • Establishment of finance committee by Board • Return to solvency (payment or write off of expenses) • Secure revenue (and ensure revenue visibility) • Secure new sponsorships • Implement best practice systems and procedures • Deal with all matters of emphasis raised in the AGs report

  18. Actions taken to date – corporate governance • Ensure proper and correct functioning of the Board • Policy and procedure for Board process (approved by Board) • Re-establish management committee and terms of reference (“TOR”) • Establish finance / audit committee and TOR • Establish proper reporting methodology • Adopt detailed approvals framework • Seamless working relationship between Board, Committees • and management • Implement best practice systems and procedures

  19. Actions taken to date – operating matters • Re-initiate process for CEO position • Develop and implement systems for reporting • and office management • Detailed review of ability to perform and deliver the mandate, • including task and workflow analysis • Detailed review of organisational structure and capacity • Restructure, as required

  20. Actions taken to date – boxing matters • New code of conduct (approved by Board) • Establish disciplinary committee • Establish proper dispute resolution forum • Re-establish sanctioning and ratings committee • Develop a business plan for a significant development project • Develop a solid offering for sponsors and secure sponsorship • Attain a firm commitment from broadcasters • Improve communication with all stakeholders

  21. Review of legislation • The board has also set up an ad hoc committee to review the current legislation (in terms of its appropriateness and having regard to global best practice). • The board anticipates reporting back to SRSA in this regard by January 2010.

  22. conclusion • This is the beginning of a journey. • The current emphasis is about resetting the foundations of BSA to put BSA in a stronger position than ever before. • In this light, our goals are as follows – • Short term (February 2011) – a solvent BSA with best practice corporate governance and transparent reporting; • Medium term (April 2011) – an efficient and effective regulator of the sport that provides clarity and certainty to all its stakeholders; • Medium term (June 2011) – various new initiatives to develop the sport and various new sponsors; • Long term (April 2012) – a self sustaining BSA with no requirement to rely on government funding and operating in accordance with global best practice.

  23. The end

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