What is King IV report on corporate governance?
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 King II report?
The report provides guidelines on issues of financial performance, risk management, remuneration, audit committees, sustainability reporting, stakeholder interest, the balance of power and the role of directors within a business enterprise.
What is the purpose of King IV?
King IV encourages organisations to move beyond compliance to crafting actions that are appropriate to the organisation’s context, and which will move them closer to achieving the goals enshrined in its 17 principles. In so doing, King IV is helping organisations realise the benefits of corporate governance.
Is King IV apply and explain?
Draft King IV requires an “Apply AND Explain” approach, as opposed to King III which is “Apply OR Explain”. This means that application of the principles is assumed, and that an explanation is disclosed on the practices that have been implemented and the progress made towards governance outcomes.
Who wrote King report?
King Reports are available from the IoDSA. The Institute of Directors in Southern Africa (IoDSA) established in July 1993 the King Committee on Corporate Governance. The King Committee produced the first King Report on Corporate Governance which was published 29 November 1994.
How many king reports are there?
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.
Is King IV legislative?
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.
Who owns the copyright of the King report 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.
What is the King report on corporate governance for South Africa?
The King Committee on Corporate Governance launched the King Report on Corporate Governance for South Africa – 2002 (King II Report) at an Institute of Directors (IoDSA) Conference attended by 700 persons at the Sandton Convention Centre, 26 March 2002. King Reports are available from the IoDSA.
What is the King report?
The first King Report was recognised internationally, when published, as the most comprehensive publication on the subject embracing the inclusive approach to corporate governance. King Report are available from the IoDSA.
What does King IV say about corporate governance?
In essence, King IV promotes the view that achieving the aspirations as expressed in the principles optimises organisations to realise the governance outcomes. Principles: The principles are an expression of the fundamental aspirations of any organisation wishing to achieve good corporate governance.