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SA: Draft King 3 corporate governance code released

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Added by apesphere on 26 Feb 2009
From: african.ipapercms.dk

Image courtesy girolame via Flickr

Another groundbreaking revision of the South African corporate governance code has been produced by the committee run by Mervyn King.

The second King report attracted international attention for its requirement that companies produce sustainability reports in line with recognised benchmarks such as the Global Reporting Initiative.

The new report takes the corporate responsibility agenda even further. It is no longer good enough simply to report on sustainability performance. Now sustainability is pushed as a principle so central to business operation that the report refers throughout to "integrated sustainability performance and reporting" i.e. the integration of sustainability into decision making and the annual report to shareholders.

The draft King 3 places South Africa back in the forefront of 21st century business thinking.

Andrew Newton is the author of The Handbook of Compliance: Making Ethics Work in Financial Services