The long-awaited update of the King Report on Corporate Governance for South Africa, King IV™, will be launched at a high-level conference at the Sandton Convention Centre on 1 November 2016. Interest in the conference is high: when online registrations opened on 6 July, the first registration was made after just three minutes. By the end of the day, 83 people had already registered along with additional confirmations from an international delegation representing 13 countries across the globe.
“King IV introduces some important updates to the landmark King III’s report. In addition, it breaks new ground by differentiating clearly between principles and practices, and linking practices to outcomes—all with a view to making implementation easier,” says Angela Cherrington, CEO of the Institute of Directors in Southern Africa (IoDSA). “Governance is ever evolving, and King IV provides closer, more practical guidance on how to integrate its principles into the way organisations do business.” The conference will be addressed by a number of prominent South African figures, including Chief Justice Mogoeng Mogoeng; Lynne Brown, the Minister of Public Enterprises; Reuel Khoza, president of the IoDSA; David Lewis, Executive Director of Corruption Watch; Thembekile Kimi Makwetu, the Auditor General; Mervyn King, the Chairman of the King Committee; and Ansie Ramalho, the King IV™ Project Lead. An international panel of speakers includes Simon Arcus, CE of the IoD in New Zealand; Heloisa Bedicks, MD of the Brazilian Institute of Corporate Governance; Stan Magidson, CEO of the Alberta Securities Commission, Simon Walker, Director General of the IoD in the United Kingdom and Peter Dehnen, CEO of the German Directors Association. Cherrington says that the IoDSA has also developed a mobile app for the conference. The app will mean that delegates can create a personalised schedule and import it into their calendars, access speaker profiles, and message speakers and other delegates. “The app will reduce the paper generated by the conference while enhancing delegates’ experience,” Cherrington says. “Other green initiatives include sourcing produce locally, using beaded rather than real flower decorations, intensive recycling and providing carbon credits for purchase by delegates.” Online registration is available on http://bit.ly/29R5Vlq until 25 October. ENDS MEDIA CONTACT: Cathlen Fourie, 082 222 9198, cathlen@thatpoint.co.za, www.atthatpoint.co.za For more information on the IoDSA please visit: Website: www.iodsa.co.za Twitter: @The_IoDSA LinkedIn: The Institute of Directors in Southern Africa group
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The Institute of Directors in South Africa (IoDSA) and King Committee have issued the draft sectoral supplements for the new King Code of Corporate Governance (King IV) for comment. The King IV Supplements will be open for comment from 11 May to 11 July, and all comments should be submitted via the comment platform on the IoDSA’s website.
Prof Mervyn King, chair of the King Committee, says that the supplements are aimed at providing state owned entities, small to medium-sized enterprises (SMEs), retirement funds and other institutional investors, non-profit organisation and municipalities with guidelines on how to apply the King Code for their particular circumstances. “Traditionally, corporate governance has focused on listed companies. However, this does not take into account that corporations all exist in a bigger ecosystem. The ecosystem is made up of the relationships and interactions amongst companies, investors, SMEs within supply chains, civil society and state owned entities, which supply essential infrastructure,” says King. “To bring about large-scale change, one has to address governance across the whole of this ecosystem.” Ansie Ramalho, the King IV Project Lead says that this inclusive, systemic approach breaks new ground for the King Codes, and for corporate governance more generally. She emphasises that the supplements are not standalone codes, and must be read in conjunction with the main King IV report. They also do not seek to provide detailed guidance, but rather to provide each sector with examples of some of its corporate governance challenges, and how to respond to them. These challenges might include relevant legislation, ownership structures, board composition or simply the nature of the business they are in. “We have not attempted to provide exhaustive examples of challenges and solutions, but rather to provide insight into the kind of thinking that should be used to apply King IV to a particular sector. In this way, we hope to provide organisations with the tools they need to craft their own sound governance response to any challenge when applying the principles of King IV,” says Ramalho. The main King IV draft has been open for comment since 15 March and no further comment will be accepted after 15 May. The King IV draft document and link to public commentary platform is available at http://www.iodsa.co.za/page/KingIVcommentary ENDS MEDIA CONTACT: Cathlen Fourie, 082 222 9198, cathlen@thatpoint.co.za, www.atthatpoint.co.za For more information on the IoDSA please visit: Website: www.iodsa.co.za Twitter: @The_IoDSA LinkedIn: The Institute of Directors in Southern Africa group |
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