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The King Report in context

The King Report in context. Corporate Governance. Legislation. Acts and Regulations Common law Sets the minimum standards Applies to all companies Primary legislation The Companies Act 71 of 2008 &. Other Legislation. The Competition Act of 1998 The Labour Relations Act of 1995

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The King Report in context

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  1. The King Report in context Corporate Governance

  2. Legislation • Acts and Regulations • Common law • Sets the minimum standards • Applies to all companies • Primary legislation • The Companies Act 71 of 2008 &

  3. Other Legislation • The Competition Act of 1998 • The Labour Relations Act of 1995 • The Basic Conditions of Employment Act of 1997 • The Occupational Health & Safety Act of 1993 • The National Environmental management Act of 1998 • The Employment Equity Act of 1998

  4. Specific Legislation • The Banks Act of 1993 • The Short Term Insurance Act • The Long Term Insurance Act • Public Finance Management Act • Etc ……..

  5. JSE Listing Requirements • Applies to all (public) companies seeking a JSE listing • JSE Listing Requirements includes compliance with King III

  6. The Background • Corporate Governance movement originated in UK in response to large corporate failures • Cadbury Report released in 1992 • Greenbury Report released in 1995 • Hampel Report released in 1998

  7. The King Committee • Formed in 1992 by Institute of Directors • Chaired by Judge Mervyn King • To consider “issues of financial reporting & accountability, good practice & a code of ethical conduct for South African enterprises”

  8. The King Report (King I) • Published 1994 • Called King I or the Code • Applied to listed companies, large companies, public companies, banks, insurance companies • Set standards of governance

  9. King II • Published 2002 & revised King I • Introduced concept of the “triple bottom line” • Financial, social & environmental issues • (people, profits & planet) • Recommended practice for SA companies • Listed companies to comply or explain

  10. King III • Published 2009 & effective from March 2010 • Updated to take cognisance of 2008 Company Act and developments in corporate governance • Best practice for all business entities • No “one size fits all” • Move from “comply or explain” to “apply or explain”

  11. The Triple Bottom Line

  12. The issues covered by King III • Ethical leadership and corporate citizenship • Boards and directors • Audit committees • The governance of risk • The governance of information technology (IT) • Compliance with laws, rules, codes and standards • Internal audit • Governing stakeholder relationships • Integrated reporting and disclosure

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