Updated January 2020
G1 All SAIMM members signing off on Competent Persons Reports are required to comply with the provisions, terms and principles of the SAMCODES (SAMREC, SAMVAL, SAMOG as well as the relevant Guideline documents) and, in particular, the requirements of a “Competent Person”, “Competent Valuator” and/or “Qualified Reserves Evaluator”;
G2 Competent Person/Valuator status in terms of the SAMCODES reporting codes may be temporarily approved for members authoring public reports via a peer review process in accordance with the provisions of By-law G and Clause 2.13 of the Constitution.
G2.1 No member of the SAIMM or GSSA may sign a publicly released Competent Person Report without first successfully complying with the prescribed peer review process, unless he/she is a member of a statutory body or another recognised professional organisation (a list of accepted RPOs, as amended from time to time is located on www.samcodes.co.za).
G2.2 Members of the SAIMM or GSSA (not registered with an applicable statutory body, or RPO), who wish to attain temporary Competent Person/Valuator status for the purpose of signing off on a specific public report lodged with the Johannesburg Stock Exchange, must successfully comply with the prescribed peer review process. The purpose of the process is to confirm that a person wishing to sign off as a Competent Person/Valuator satisfies all the requirements of a Competent Person/Valuator as defined in the SAMCODES, and that his/her professional status has been validated by his/her Professional Association.
G2.3 This peer review clearance is to be obtained for each public, newly released Competent Person/Valuator report.
G2.4 The peer review process will fall under the auspices of the SAMCODES Standards Committee (SSC), a joint SAIMM/GSSA entity. Its frame of reference will be the SAMCODES, as revised from time to time. The Chairperson of the SSC shall convene an appropriate subcommittee with the sole purpose of undertaking the Competent Person or Competent Valuator peer review. The purpose of the process is to confirm that a person purporting to be a Competent Person/Valuator satisfies all requirements of a Competent Person/Valuator as defined in the SAMCODES, and that his/her professional status has been validated by his/her Professional Association.
G2.5 Appeals against a ruling of the Peer Review Process may be made to the SSC via the Council of the professional body to which the appellant belongs. The ruling of the Council of the respective body will be final.
G2.6 While the peer review process may not be binding on the Johannesburg Stock Exchange, it represents a strong statement of support and comfort to the JSE.