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BY OUTLINING THE COMPANIES ACT,KING CODE 111 AND IFRS,OUTLINE THE PURPOSE OF THE ABOVE SATNDARS AND MENTION THIER STATUS IN SOUTH AFRICA
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.The new Companies Act requires all companies, whether public or private, to establish a “Social and Ethics Committee”. In the light of King III this can have dramatic implications for companies and Good Corporate governance. The similarities between the requirements of King III and the Companies Act cannot be overlooked. Unfortunately many companies are unaware of the implications of the Act particularly in the area of Social responsibility and Ethics. Companies are not only required to establish a “Social and Ethics Committee” they are also required to establish a “Social and Advisory Panel” to assist the committee. The King III recommendations cannot be legally enforced but the Companies Act is legally binding and must be adhered to. ]
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Expert answered|selymi|Points 8102|
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Asked 4/25/2012 1:31:22 PM
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