KING IV
Definition
Governance outcomes
Sets out the philosophy, principles, practices and outcomes which serve as the benchmark for corporate governance in SA.
Ethical culture
Good performance
Effective control
Legitimacy
Objectives
promote corporate governance
broaden its acceptance
reinforce corporate governance in an integrated manner
encourage transparent reporting
Present corporate governance
Underpinning Philosophies
Sustainable development
Integrated thinking
Corporate citizenship
Stakeholder inclusivity
The organisation as an integral part of society
Highlights
Integrated Reporting
Balanced composition of governing bodies
Delegation to management
Corporate governance services to the governing body
Social and ethics committees
Assurance and internal audit
Dispute resolution
Apply Principles
Principle 1: governing body should lead ethically and effectively
Principle 2: Governing body should govern the ethics of the organisation in a way that supports the establishment of an ethical culture.
Principle 3: The governing body should ensure that the organisation is and is seen to be a responsible corpoorate citizen.
Principle 4: The governing body should appreciate the organisation's core purpose, risks and strategies.
Principle 5: The governing body should ensure that reports issued by the organisations enable stakeholders to make informed assessments.
Principle 6: The governing body should serve as the focal point and custodian of corporate governance.
Sector Supplements
Municipalities
Non-Profit Organizations
Retirement funds
SMEs
State Owned Entities
Implementation Roadmap
Applicable legal provisions that pertain to duties of those charged with governance to the relevant King IV principles and practices.
Identify legal provisions that cannot be reconciled with Specific King IV practices.
Consider remaining practices to develop a set of organisation specific governance practices.
Implement and apply King IV in accordance with the organisation specific governance practices as developed and approved by governing body.
Assess outcomes of implementation.