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ARTICLE · 04 NOVEMBER 2010

King Code And Developments In Corporate Governance

Werksmans Attorneys
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The First King Report on Corporate Governance ("First Report") was published in 1994 by the Institute of Directors in response to the increasing concern over corporate failures and the perceived need for a formal code of corporate governance.

South AfricaCorporate/Commercial Law
Dave Walker
Dave Walker
Ina Meiring
Ina Meiring

The First King Report on Corporate Governance ("First Report") was published in 1994 by the Institute of Directors in response to the increasing concern over corporate failures and the perceived need for a formal code of corporate governance. It sought to assist companies and their directors by providing a comprehensive set of principles and guidelines to codify, clarify and (in certain circumstances) expand upon the common law principles of corporate governance.

The Second King Report ("King II") was finalised in March 2002 and both reviewed and expanded on the First Report.

The Third King Code and Report on Corporate Governance was released on 1 September 2009 ("King III"), and became effective on 1 March 2010. It was prompted by a number of developments that had occurred since the release of King II, including the publication of the new Companies Act 71 of 2008 ("new Companies Act"). The Code sets out a number of governance principles that should be read

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