CSA reports record profits
Port Elizabeth - Cricket South Africa (CSA) on Saturday celebrated 20 years of cricket unity in South Africa by reporting stellar financial results for the 2010/11 year.
The annual meeting was chaired by vice-president AK Khan in the absence of president Mtutuzeli Nyoka, who was not able to travel to Port Elizabeth for personal reasons.
CSA reported a profit before tax of R247.8 million compared to the R138.8 million for the previous financial year. The final after tax profit amounted to R295.6 million.
No elections were necessary as the current office bearers will serve until the next Annual Meeting in August, 2012.
Khan paid tribute to CEO Gerald Majola for the performance of the administration in putting together such a strong financial year and congratulated him on the standing in which he was held in world cricket.
The annual meeting was followed by a meeting of the Board of Directors and they took the following decisions:
They deliberated the Legal Opinion of Advocate Azhar Bham and unanimously decided to put various mechanisms in place to improve Corporate Governance and review the process for awarding bonuses.
“As far as CSA is concerned this matter is now closed,” commented Khan.
The Board accepted a recommendation from the Cricket Committee to revert to a 50 overs domestic limited overs competition to bring it into line with its international counterpart. “The conditions will be identical to those for ODIS to prepare our players better for international competition,” commented Majola. “That should help us to win that elusive ICC limited overs trophy.”
Vinnie Barnes, coach at the High Performance Centre, has been added to the national selection committee as a fifth member to enable the selectors to cover adequately all franchise matches. The committee now consists of: Andrew Hudson (convener), Gary Kirsten, Corrie van Zyl, Vinnie Barnes and Shafiek Abrahams.
The Board has also decided to create a specific transformation financial fund to give an added impetus to CSA’s initiatives in this important area.