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.
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
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.
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.
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.
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