Following a decision of the SAFA National Executive Committee on 30 June 2012, SAFA has signed an agreement with Ernst & Young, one of the largest professional services firms in the world, to put in place a finance, procurement, payroll, internal audit and company secretarial functions platform within SAFA.
This follows on a similar relationship between the FIFA 2010 World Cup Organising Committee and E&Y, and also the ongoing service provided by E&Y to the FIFA/SAFA 2010 World Cup Legacy Trust.
“This decision provides SAFA with a world class financial and procurement platform that will provide an efficient, cost-effective and flexible solution for SAFA that will go a long way in transforming SAFA into a world class organization. It will also build confidence in the market-place as we secure new commercial partners”, stated Dr Robin Petersen, CEO of SAFA.
“Part of this agreement will be covered by a proposed sponsorship component, which will provide us with further cost reductions”, stated Petersen. “We are delighted to have a global brand like E&Y on board in the SAFA family, and are confident that they will bring greater efficiency, effectiveness and flexibility to our financial management going forward”.
The process of transition to the new platform will be concluded over the next few weeks, and the existing SAFA financial team will be fully consulted in the process. “Their rights in terms of the Labour Relations Act will be guaranteed”, stated Petersen.
Over the past few months, SAFA has announced a new broadcast sponsorship with the SABC, and a renewal of their partnership with SAB. “We expect to make a number of further announcements over the coming weeks of new partners” says Petersen. “This will ensure that our financial security is on a sustainable basis in a challenging and volatile economic environment.”
President Kirsten Nematandani expressed his delight that the agreement had been concluded with E&Y. “This partnership will result in integrated reporting, a key requirement in line with King III as all SAFA properties will fall under E&Y’s responsibility”