Purpose of king code governmence principle(king code 111)
The revised Code of and Report on Governance Principles for South Africa (King III) were released on 1 September 2009, with an effective date of 1 March 2010. [ SAICA supports the principles embodied in the Code and has been an active participant on the King Committee. Numerous CAs(SA) were also closely involved in the process in various capacities.
SAICA is particularly pleased with the enhanced focus on Sustainability and the overall risk-centric approach embraced by King III.
The revision was necessitated by the Companies Act, 2008, which has incorporated many of the principles
contained in King II. Both of these developments will continue to position South Africa at the forefront of good governance on the international stage.
While King III has no legal backing, except as adopted by the JSE Listings Requirements, SAICA encourages ALL entities to apply the principles insofar as is practicable. ]
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Asked 4/23/2012 8:47:19 AM
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