What is King IV report on corporate governance?
King IV™ builds on its predecessors’ positioning of sound corporate governance as an essential element of good corporate citizenship. With the introduction of an ‘apply and explain’ regime, King IV™ asks organisations to be transparent in the application of their corporate governance practices.
What is the King III report explain in detail?
King III requires companies to establish an internal audit function which provides assurance over the company’s governance, risk management and internal controls. (King III differs from Sarbanes-Oxley in that no attestation is required from external auditors on internal controls on financial reporting).
WHAT IS THE KING 4 report?
King IV™ is structured as a Report that includes a Code, with additional, separate sector supplements for SME’s, NPO’s, State-Owned Entities, Municipalities and Retirement Funds. The King Code™ contains both principles and recommended practices aimed at achieving governance outcomes.
What is King Code of corporate governance?
The King Report and King Code defines corporate governance as “the exercise of ethical and effective leadership by the governing body”. This is why the King Report and King Code is so important – it sets out what ethical and effective leadership is.
What is the purpose of the King IV report?
The objectives of King IV are to: Encourage transparent and meaningful reporting to stakeholders. Present corporate governance as concerned with not only structure and process, but also with an ethical and consciousness and conduct.
Who is King IV applicable to?
1.2 What is the applicability of King IV™? King IV™ is structured as a Report that includes a Code, with additional, separate sector supplements for SME’s, NPO’s, State-Owned Entities, Municipalities and Retirement Funds.
What is good governance King IV?
King IV is principle- and outcomes-based rather than rules-based. Corporate governance should be concerned with ethical leadership, attitude, mindset and behaviour. The focus is on transparency and targeted, well-considered disclosures.
Who does the King Code apply to?
King I. 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.
Why is it called the King report?
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. Board meeting frequency. Balanced annual reporting.
When was the King report on governance introduced?
The Institute of Directors in Southern Africa (IoDSA) formally introduced the King Code of Governance Principles and the King Report on Governance (King III). The Code and the Report which were unveiled at the Sandton Convention Centre in Sandton, Johannesburg, in September 2009.
How to access the king code on governance in SA?
To access the King Code on Governance in SA 2009 select PDF link in library below. To access the amendment to the King Code on Corporate Governance in SA 2009 select PDF link in library below.
Why is there a king report in South Africa?
The need for King III . The third report on corporate governance in South Africa became necessary because of the new Companies Act no. 71 of 2008 (‗the Act‘) and changes in international governance trends. This Report, referred to as King III, was compiled by the King Committee with the help of the King subcommittees.
What is the role of governance in King III?
King III highlights the role of IT governance and the board’s related responsibilities. The recommendations are extensive. Compliance. King III states that compliance should form an integral part of the risk management function and that companies should consider establishing a compliance function.