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Mention the king code on governance principles(king code 111) status in south africa
King III has broadened the scope of corporate governance in South Africa with its core philosophy revolving around leadership, [ sustainability and corporate citizenship. These key principles are given prominence: Good governance is essentially about effective leadership. Leaders need to define strategy, provide direction and establish the ethics and values that will influence and guide practices and behaviour with regard to sustainability performance. Sustainability is now the primary moral and economic imperative and it is one of the most important sources of both opportunities and risks
for businesses. Nature, society, and business are interconnected in complex ways that need to be understood by decision makers. Incremental changes towards sustainability are not sufficient – we need a fundamental shift in the way companies and directors act and organise themselves. Innovation, fairness, and collaboration are key aspects of any transition to sustainability – innovation provides new ways of doing things, including profitable responses to sustainability. Fairness is vital because social injustice is unsustainable and collaboration is often a prerequisite for large-scale change. Social transformation and redress is important and needs to be integrated within the broader transition to sustainability. Integrating sustainability and social transformation in a strategic and coherent manner will give rise to greater opportunities, efficiencies, and benefits, for both the company and society. Read more here: ]
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Expert answered|debnjerry|Points 30085|
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Asked 4/21/2012 12:37:17 PM
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