The Institute of Directors in Southern Africa (IoDSA) and Juta Law introduce the King III Report and King Code, along with the Companies Act 71 of 2008 in a pocket size mini-library.
The King Report on Corporate Governance in Southern Africa 2009 (King III) and The King Code of Corporate Governance Principles (King Code) were released on 1 September 2009 and provide a list of best practice principles to assist and guide directors. The King III Report became operative on 1 March 2010.
King III will apply to all entities namely public and private - on an “apply or explain” basis. The IoDSA is the custodian of the King Reports and corporate governance in the region. The King Report was the first governance code in the world to promote the concept of responsible corporate citizenship and sustainability reporting. Mervyn King SC, the First Vice-President of the IoDSA, is Chairman of the King Committee on Corporate Governance, a Member of the Private Sector Advisory Group to the World Bank on Corporate Governance and Chairman-Elect of the Global Reporting Initiative.
King III sets out a number of key governance principles which should be read together with best practice recommendations on how to carry out each principle and the legislative requirements contained in the Companies Act 71 of 2008. |
