December 2009 Training

OVERVIEW

The draft “King III” report was released for public comment on 25 February 2009 and the intended date of releasing the final report is 1 September 2009. The effective date thereof will be 1 March 2010. The King Committee on Corporate Governance released the draft Code of Corporate Governance Principles for South Africa, 2009 (‘the Code”)

and the draft Report on Corporate Governance for South Africa, 2009 (“the Report”).

All entities will have to ensure that they become au fait with the principles as set out in the Code to ensure proper

disclosure of the application of these principles. 2010 Annual Reports will probably require a new approach based on the content of King III. In addition, the corporate governance processes and procedures of each entity need to be reviewed to ensure compliance with the new recommendations and guidelines. As indicated in the preface to King III, directors and office bearers could find themselves facing possible liability claims if they fail in their duty of care, skill and diligence – ignoring good governance practices that have become an industry standard could be proof of such failure. It is therefore in the best interest of all concerned in the governance practices and procedures of their organisation to ensure that they obtain a thorough understanding of the content of King III and how this applies to them.

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