Basel Committee on Banking Supervision Guidelines on the corporate governance principles for banks (“Basel guidelines”)

Basel Committee on Banking Supervision Guidelines...

Corporate governance does not stand still as evidenced by the increasing number of new codes, guidelines and revisions thereto. The Basel Committee on Banking Supervision issued Guidelines: Corporate governance principles for banks dated July 2015 (‘Basel guidelines’). Whilst much of the content is being applied in some form or another in South Africa, and our supervisory bodies and financial institutional framework is well regulated, these guidelines will serve for good reference and comparison when South Africa’s King IV Code is released in 2016.

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The South African Reserve Bank ("SARB) on the 1st June 2016 issued Guidance note 5 of 2016 (G5/2016). The guidance note is issued with the intention to highlight

  1. The latest supervisory guidance issued by the Basel Committee on Banking Supervision (BCBS) on corporate governance principles for banks; and
  2. The fact that the supervision department as part of its supervisory review and evaluation process, will review the progress made by banks to incorporate the principles and guidance set out in the aforesaid document issued by the BCBS into their policies, processes and practices.

The guidance note requires that Banks assess their current policies, processes and practices against the principles included in the BCBS Guidelines on the corporate governance principles for banks document, and thereafter develop a plan to remedy any deficiencies identified during the aforesaid assessments.

Draft King IV sector supplements open for public comment

The Institute of Directors in Southern Africa (IoDSA) and the King Committee, released the draft version of the King IV sector supplements for public comment. The comment deadline is 11 July 2016.

To access the draft version of King IV sector supplements, click here.

For a high level overview of draft King IV code, click here.

Document

This is a high level and abridged summary of the principles, recommendations and considerations sourced directly from the Basel guidelines, unless otherwise stated.

For a full text refer to the BIS website www.bis.org.

Draft King IV Factsheet

The draft King IV Report on Corporate Governance for South Africa 2016 (Draft King IV) was released for public comment on 15 March 2016.

 
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