The Final King IV™ report was released today, 1 November 2016 and you can download it below. This is the most important document on corporate governance in South Africa and it is absolutely essential that all organisations engage with, and understand King IV™. The final King IV™ document is your greatest asset when it comes to successful, responsible and effective corporate governance.
Guest speakers at the launch of the final King IV highlighted the importance of diversity, technology and transparency. The final King IV™ launch encouraged ‘mindful application rather than mindless grudge compliance’. Guest speaker and human rights activist Kumi Naidoo challenged organisations to rethink corporate governance by saying ‘How can you do the same thing over and over again and expect to get different results?’.
The critical role that King IV™ plays in economic development and sustainable governance was highlighted by the support of attendees the Chief Justice Mogoeng Mogoeng and the Auditor General, Thembekile Makwetu.
Essential elements of the final King IV™
Overarching themes in the final King IV™:
- To make corporate governance accessible by moving away from a tick-box method of compliance to a principle and outcome based approach.
- To make the principles accessible using broader more inclusive language so that they apply to a wide range of entities.
- Assist specific sectors through supplementary guidance codes.
- Improve transparency regarding the remuneration of directors;
- Remuneration guidelines include new disclosure requirements and the opportunity for shareholders to vote on remuneration policies.
- There is an extensive emphasis on IT Governance and how businesses and how IT should be managed.
It is vital to understand how King IV™ can help you improve your organisation. It is now easier than ever to access and understand because the principles have been reduced from 75 to just 17!
Actions you can take:
- Read it by downloading the King IV Report™ (Note it is 6MB big!) or getting the King IV Report™ App for R269.99 through the App Store or Google Play.
- Align your organisation with the King IV corporate governance principles by consulting with us.
- Increase your awareness on IT Governance by attending a practical workshop on IT GRC.
- Align your IT Policies with the King IV principles by asking us to review or draft IT policies that are compliant with the principles.
- Comply with IT Laws by getting a List of IT Laws and the Michalsons IT Legal Framework.
- Read a plain language overview of why the King Report and King Code matter.