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King Report On Corporate Governance

The King Report on Corporate Governance is a series of guidelines for corporate governance in South Africa issued in 1994, 2002, 2009, and 2016. It establishes standards for boards and directors and advocates an integrated approach involving stakeholders. It recommends integrated reporting and sustainability reporting according to global standards.

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348 views2 pages

King Report On Corporate Governance

The King Report on Corporate Governance is a series of guidelines for corporate governance in South Africa issued in 1994, 2002, 2009, and 2016. It establishes standards for boards and directors and advocates an integrated approach involving stakeholders. It recommends integrated reporting and sustainability reporting according to global standards.

Uploaded by

KDMonteza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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King Report on Corporate Governance

The King Report on Corporate Governance is a ground-breaking booklet of


guidelines for the governance structures and operation of companies in South Africa. It
is issued by the King Committee on Corporate Governance. Three reports were issued
in 1994 (King I), 2002 (King II), and 2009 (King III) and a fourth revision (King IV) in
2016. The Institute of Directors in Southern Africa (IoDSA) owns the copyright of the
King Report on Corporate Governance and the King Code of Corporate Governance.
Compliance with the King Reports is a requirement for companies listed on the
Johannesburg Stock Exchange.[1][2] The King Report on Corporate Governance has
been cited as "the most effective summary of the best international practices in
corporate governance. Unlike other corporate governance codes such as Sarbanes-
Oxley, the code is non-legislative and is based on principles and practices. It also
espouses an apply or explain approach, unique to the Netherlands until King and now
also found in the 2010 Combined Code from the United Kingdom.

In 1994 the first King report on corporate governance (King 1) was published, the
first corporate governance code for South Africa. It established recommended
standards of conduct for boards and directors of listed companies, banks, and certain
state-owned enterprises. It included not only financial and regulatory aspects, but also
advocated an integrated approach that involved all stakeholders.

In 2002, when the Earth Summit was held in Johannesburg, King pushed for a
revision of the report (King II), including new sections on sustainability,[4] the role of the
corporate board,[9] and risk management.[10] This revised code of governance was
applicable from March 2002

In an interview with Mervin King, he considered the King II report was wrong to
include sustainability as a separate chapter, leading companies to report on it
separately from other factors. In the next version, the 2009 King III report,[12]
governance, strategy and sustainability were integrated.[4] The report recommends that
organisations produce an integrated report in place of an annual financial report and a
separate sustainability report and that companies create sustainability reports according
to the Global Reporting Initiative's Sustainability Reporting Guidelines.

There have been significant corporate governance and regulatory developments,


locally and internationally, since King III was issued in 2009 which need to be taken into
account. The other consideration is that whilst listed companies are generally applying
King III, non-profit organisations, private companies and entities in the public sector
have experienced challenges in interpreting and adapting King III to their particular
circumstances. The enhancement will aim to make King IV more accessible to all types
of entities across sectors

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