Acknowledgments ACKNOWLEDGMENTS The Institute of Directors in Southern Africa and the King Committee on governance acknowledge w
Acknowledgments ACKNOWLEDGMENTS The Institute of Directors in Southern Africa and the King Committee on governance acknowledge w
Copyright COPYRIGHT INSTITUTE OF DIRECTORS IN SOUTHERN AFRICA The Institute of Directors in Southern Africa owns the copyright i
Introduction and background INTRODUCTION AND BACKGROUND 1. The need for King III The third report on corporate governance in Sou
Introduction and background As with King I and II, none of the members received remuneration or reimbursement of expenses. The o
Introduction and background followed practices recommended but have explained the practice adopted and have prospered. In these
Introduction and background In addition to compliance with legislation, the criteria of good governance, governance codes and gu
Introduction and background perform any services that would be implicated in the conduct of the external audit or determined by
Introduction and background Although the board is accountable to the company itself, the board should not ignore the legitimate
Introduction and background 3. The concept of corporate citizenship which flows from the fact that the company is a person and s
Introduction and background Affairs and Tourism of South Africa carried out a long-term mitigation scenario about climate change
Introduction and background model of corporate governance, the board of directors should also consider the legitimate interests
Introduction and background In summary Inclusivity of stakeholders is essential to achieving sustainability and the legitimate i
Introduction and background approach by the IoD. In Chapter 8 Principle 8.6 ADR, is dealt with in more detail. ADR is also in li
Introduction and background and to gain competitive advantage. Companies have made, and continue to make a significant investmen
Introduction and background 12. Language, gender and terminology Although the terms ‘company’, ‘boards’ and ‘directors’ are used
Introduction and background 14. Effective date It is expected that the new Act will become operative on 1 July 2010. The King II
Code of governance principles © 2009 Institute of Directors in Southern Africa. All rights reserved 18
Code of governance principles Corporate governance principles and practices are dynamic and evolve. This Code of governance, whi
Code of governance principles Governance element The board’s responsibilities Principle(s) Recommended Practice The board should
Code of governance principles Governance element Principle(s) Recommended Practice 1.2.4. ensure that collaborative efforts with
Code of governance principles Governance element Principle(s) Recommended Practice 2.1.2. 2.1.3. meet at least four times per ye
Code of governance principles Governance element Principle(s) Recommended Practice 2.7. The board should be responsible for the
Code of governance principles Governance element Principle(s) Recommended Practice 2.14.5. Listed companies should have a policy
Code of governance principles Governance element Principle(s) Recommended Practice 2.16.7. The CEO should not become the chairma
Code of governance principles Governance element Principle(s) Recommended Practice 2.18.5. Every board should have a minimum of
Code of governance principles Governance element Director development Principle(s) 2.20. The induction of and ongoing training a
Code of governance principles Governance element Principle(s) Recommended Practice and 2.21.13. assist with the evaluation of th
Code of governance principles Governance element Principle(s) Recommended Practice 2.23.5. All other companies should establish
Code of governance principles Governance element Remuneration of directors and senior executives Principle(s) Recommended Practi
Code of governance principles Governance element Principle(s) Recommended Practice 2.27. Shareholders should approve the company
Code of governance principles Governance element Principle(s) Recommended Practice 3.2.4. The committee collectively should have
Code of governance principles Governance element Principle(s) Recommended Practice 3.4.4. The audit committee should recommend t
Code of governance principles Governance element Principle(s) Recommended Practice 3.7.3. The audit committee should ensure that
Code of governance principles Governance element Reporting Principle(s) Recommended Practice 3.10. The audit committee should re
Code of governance principles Governance element Principle(s) Recommended Practice 4.1.5. The board’s responsibility for risk go
Code of governance principles Governance element Principle(s) Recommended Practice 4.3.2.4. convene at least twice per year. 4.3
Code of governance principles Governance element Principle(s) Recommended Practice 4.5.7. The board should ensure that key risks
Code of governance principles Governance element Risk disclosure Principle(s) Recommended Practice 4.10. The board should ensure
Code of governance principles Governance element Principle(s) 5.3. The board should delegate to management the responsibility fo
Code of governance principles Governance element Principle(s) Recommended Practice 5.6. The board should ensure that information
Code of governance principles Governance element Principle(s) Recommended Practice 6.1.3. 6.1.4. Compliance should be an ethical
Code of governance principles Governance element Principle(s) Recommended Practice 6.4. The board should delegate to management
Code of governance principles Governance element Principle(s) Recommended Practice 6.4.9. The compliance function should have ad
Code of governance principles Governance element Principle(s) Recommended Practice 7.2.3.2. whether controls are in place and fu
Code of governance principles Governance element Principle(s) Recommended Practice 7.4.4. 7.4.5. The CAE should report functiona
Code of governance principles Governance element Principle(s) Recommended Practice 8.1.2. The company’s reputation and its linka
Code of governance principles Governance element Principle(s) Recommended Practice 8.4.2. The board should ensure that minority
Code of governance principles Governance element Principle(s) Recommended Practice The integrated report should: 9.1.3. 9.1.4. b
Glossary of terms GLOSSARY OF TERMS ADR AFSA Conciliation Alternative Dispute Resolution Arbitration Foundation of Southern Afri
Glossary of terms Corporate Social Responsibility/ Corporate Responsibility (CSR) Is an important and critical component of the
Glossary of terms Ethical values and ethical principles Ethical values translate into behavioural commitments (principles) or be
Glossary of terms Classified information systems Refers to a system of people, data records and activities that process the data
Glossary of terms Information security management program The part of the overall management system, based on a business risk ap
Glossary of terms ISACA ISMS ISO IT JSE King I King II Laws Information Systems Audit and Control Association Information Securi
Glossary of terms Risk Risk can be defined as uncertain future events that could influence, both in a negative and a positive ma
Glossary of terms Cost of risk Costs associated with: Insurance premiums; Self retained losses (incurred loss); Uninsured losses
Glossary of terms Risk appetite The level of residual risk that the company is prepared or willing to accept without further mit
Glossary of terms Risk financing Provision of funds to meet the cost of implementing risk treatment and related costs In some in
Glossary of terms Risk response Process of selection and implementation of measures to modify risk The term “risk treatment” is
Glossary of terms Sustainability Sustainability of a company means conducting operations in a manner that meets existing needs w
Notes NOTES © 2009 Institute of Directors in Southern Africa. All rights reserved 62
Notes NOTES © 2009 Institute of Directors in Southern Africa. All rights reserved 63
Notes NOTES © 2009 Institute of Directors in Southern Africa. All rights reserved 64
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KING CODE OF GOVERNANC
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Acknowledgments ACKNOWLEDGMENTS The Institute of Directors in So
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Acknowledgments ACKNOWLEDGMENTS The Institute of Directors in So
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Copyright COPYRIGHT INSTITUTE OF DIRECTORS IN SOUTHERN AFRICA Th
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Introduction and background INTRODUCTION AND BACKGROUND 1. The n
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Introduction and background As with King I and II, none of the m
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Introduction and background followed practices recommended but h
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Introduction and background In addition to compliance with legis
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Introduction and background perform any services that would be i
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Introduction and background Although the board is accountable to
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Introduction and background 3. The concept of corporate citizens
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Introduction and background Affairs and Tourism of South Africa
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Introduction and background model of corporate governance, the b
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Introduction and background In summary Inclusivity of stakeholde
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Introduction and background approach by the IoD. In Chapter 8 Pr
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Introduction and background and to gain competitive advantage. C
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Introduction and background 12. Language, gender and terminology
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Introduction and background 14. Effective date It is expected th
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Code of governance principles © 2009 Institute of D
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Code of governance principles Corporate governance principles an
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Code of governance principles Governance element The board’s res
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Director develo
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Remuneration of
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Reporting Princ
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Risk disclosure
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Code of governance principles Governance element Principle(s) 5.
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Code of governance principles Governance element Principle(s) Re
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Glossary of terms GLOSSARY OF TERMS ADR AFSA Conciliation Altern
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Glossary of terms Corporate Social Responsibility/ Corporate Res
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Glossary of terms Ethical values and ethical principles Ethical
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Glossary of terms Classified information systems Refers to a sys
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Glossary of terms Information security management program The pa
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Glossary of terms ISACA ISMS ISO IT JSE King I King II Laws Info
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Glossary of terms Risk Risk can be defined as uncertain future e
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Glossary of terms Cost of risk Costs associated with: Insurance
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Glossary of terms Risk appetite The level of residual risk that
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Glossary of terms Risk financing Provision of funds to meet the
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Glossary of terms Risk response Process of selection and impleme
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Glossary of terms Sustainability Sustainability of a company mea
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Notes NOTES © 2009 Institute of Directors
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Notes NOTES © 2009 Institute of Directors
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Notes NOTES © 2009 Institute of Directors
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IOD
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