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King IV, principles, recommended practices - Coggle Diagram

- - - - sustainability report
      - social and ethics committee report
      - online or printed information
      - INTEGRATED REPORT - main
      - double printed - reference
  - - - expand narrative and PRACTICES - consider ones not already disclosed in the narrative and explain why go towards corporate governance
- - - - build on and reinforce one another
      - fundamental in anture
      - hold true across all organisations
  - - - ethical culture
      - good performance
      - effective control
      - legitimacy
  - - - not suitable for ALL organisations in the same wat
      - WANT: intended governance outcomes
    - - size of turnover and workforce
      - resources
      - extent and complexity of activities, including impact on the triple context in which it operates
- - - - dvelopment of current needs without comprimisng the future
    - - create value for others = value for company
      - takes into consideration the legitiate and reasonable needs, interest and expectations of stakeholders
    - - corporate citizenahip
        
        rights, obligations and responsibilities of an organisation toward society and natural environemnt
      - take responsibilty
- - - - governance impact
  - - - basic and fundamental
- - - - practices
        
        outcomes
        
        ethical culture
        
        good performance
        
        effective control
        
        legitimacy
- - - - balance of knowledge
      - skills
      - experience
      - diversity
      - independence
  - - - skills
      - independent non exec - npt a requirmenet
      - gov body
    - - what fees must be paid
      - skilled
      - majority indpendent
    - - LEAD leader
      - every 2 years
  - - - CEO
        
        accountable
        
        CANNOT BE A CHAIR OF ANY OTHER COMMITTEE
        
        succession plan
  - - - assist in the balance of power
      - effective discharge of duties
- - - - oversee
      - govern tech - support strategic objective
      - deleagate
  - - - responsibility
      - oversight
  - - - tranaparent and fair
      - positive iutcomes
      - attarct, motivate and support human capital
  - - - effective control environment
      - integrity of information
      - GB responsibility
      - oversight
  - - - risk integral part of decisions
      - oversight
      - delegate managemegt
- - - - act in good faith
      - avoid conflict of interest
        
        otherwise disclose unavoidable conflict
      - act ethically BEYOND legal compliance
      - members of the governing body should set the organisational culture
    - - transparent in the manner in which they exercise their governance role and responsibilities
- - - - constitution of SA
      - Bill of rights
      - own code of conduct and policies
      - the law
      - leading standards (I.e. IFRS)
    - - workplace
        
        health, safety, fair renumeration
      - economy
        
        prevent fraud and corruption
        
        trasnaparent tax policy
      - society
        
        pblic health and safety
        
        consumer protection
        
        community development
        
        human right protection
      - environment
        
        pollution
        
        waste disposal
        
        biodiversity protection
    - - overview of measures for corporate citizens
      - key areas - reporting period
      - future
      - measures in MONITORING and the outcomes were dealt with (reward or punish)
- - - - reports produced should enable stakeholders to make informed assessments of the organisations performance, and its short, medium and long-term prospects
        
        recommended practices
        
        consider reporting framework based on
        
        reporting fram
        
        legal requirements
        
        purpose of each report
        
        gov body sets direction
        
        oversight fo reports by gov body - ensure needs are met
        
        at least annual report
        
        standalone report - concise, complete and high level
        
        distinguishable prominent and accessible part
        
        accordance with legal provisions
        
        materiality made by management and approved by gov
        
        REPORT MADE OF
        
        disclosure of corporate governance in terms of Code
        
        inetgrated reports
        
        annual statements and other external reports
- - - - best interest of org over time
        
        GB responsibility
        
        approve policy
        
        oversee
- - - - governing body should set the direction for how ethics is APPROACHED and addressed by the organisation
      - codes of conduct and ethics policies
        
        ensure that codes of conduct and policies that
        
        cover organisational interaction with internal and external stakeholders
        
        address KEY ethical risks in an organisation
      - company provides arrangements that familiarise employees and stakeholders with codes or policies
        
        post on website or social media
        
        reference made in supplier and employee contracts
        
        induction and training programs
      - delegate responsibility of management to oversee implementation of COC and policies
      - ongoing supervision through
        
        compliance of employees is considered in employment, performance assessment and reward
        
        same for sourcing suppliers
        
        breach results in sanctions and remedies
        
        whistleblower protection so breaches are easily detected
        
        ability to deal with these disclosures appropriately
      - periodic independent assessments
      - following should be disclosed
        
        overview of company arrangements regarding governance and the managing of ethics
        
        key areas focused on in the financial preiod
        
        measures implemented to monitor organisational ethics
        
        planned areas of future focus
- - - - core purpose
      - risks and opportunities
        
        collectively
      - business model
      - performance
      - sustainable development
    - - governing body responsible
      - management formulate short-term, medium and long term
        
        approved by governing body
      - strategy should be approved by governing body
        
        criteria
        
        parameters of short,medium and long term (meaning)
        
        risk, opportunities and other significant manners - 3 external environment
        
        extent strategy depends on resources and its relationship to forms of capital
        
        legitimate and reasonable needs of stakeholders
        
        increase, decrease or transformation of capital
        
        interconnectivity and interdependence of all above
        
        operational plans and policies - outcomes discussed
      - gov body delegate implementation to management
      - continuous oversight by gov body