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DEVELOPMENT OF THE KING REPORTS, KING I (1994), KEY PRINCIPLES, KEY…
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KEY PRINCIPLES
Board of directors makeup and mandate,
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Established recommended standards of conduct for Boards and directors of listed companies, Banks, and Certain state-owned enterprises.
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In addition to King I, applicable to departments of State or national, provincial or local government administration falling under the Local Government: Municipal Finance Management Act, and public institution or functionary exercising a power or performing a function in terms of the constitution
Included new sections on sustainability, the role of the corporate board and risk management.
Governance, strategy and sustainability were integrated
Recommends that organisations produce an integrated report in place of an annual financial report and a separate sustainability report.
Recommends that companies create sustainability reports according to the Global Reporting Initiative's Sustainability Reporting Guidelines.
Applicable to all entities, public, private and non-profit.
Includes separate sector supplements for SME's, NPO's, State-Owned Entities, Municipalities and Retirement Funds
Outcomes orientated - It places accountability on the Governing Body to attain the governance outcomes of an ethical culture, good performance and effective control.