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News flash: The King Report on Governance (King III) is being updated! Here's what this means for your business

by , 06 June 2014
It seems like the task team convened by the King Committee on Corporate Governance, lives by this saying: 'The only thing constant in life is change'.

Why do we say this?

Because recently the task team recommended the King Report on Governance for South Africa 2009 (King III) be updated.

According to a statement by the Institute of Directors in Southern Africa (IoDSA), the task team believes an updated King Report will 'assist with accessibility and implementation, particularly for smaller entities and non-profits.'

So what do these new developments mean for your company?

Read on to find out...

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Make sure you're aware of the implications as King committee sets wheels in motion for King IV

IoDSA, the custodian of the King reports and the holder of their copyrights, says while the King committee prepares to work on King IV, the basic content and philosophies of King III will remain in place.

Some of the philosophies of King III are that directors must discharge these five ethical duties:

  1. Act with conscience;
  2. Be inclusive;
  3. Develop the necessary competence
  4. Be diligent; and
  5. Show courage.

The Chief Executive of the IoDSA, Ansie Ramalho says: 'While listed companies are applying King III, we note that non-profit organisations, private companies and entities in the public sector have experienced challenges in adapting King III to their particular circumstances. The enhancement will aim to make South Africa's authoritative guide on corporate governance more accessible to all types of entities and sectors.'

King IV will also take into account latest governance developments since the publication of King III.

'Corporate governance is a journey, not a destination, so it's absolutely right that as we consider enhancement regarding implementation that we take new developments here and internationally into account,' says the chairman of the King Committee, Mervyn King.

So when will the committee introduce King IV?

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An updated King report will be complete in 2016

Ramalho says they'll only complete the revision by early 2016.

Since the fundamental philosophy and concepts of King III won't change, Ramalho says your company must continue to follow King III as it stands. Keep reading FSP Business for more information on King IV.

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