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Disclosure Frameworks & Reporting Codes

The first King Report on Corporate Governance was released in 1994, introducing a comprehensive summary of corporate governance best practice which has become a global reference point. The King Report has been updated a number of times, with “King IV” being released in November 2016. Many of the King Report’s principles have been incorporated into the JSE’s listings requirements.

The JSE acts as the frontline regulator that sets listings requirements and enforces trading rules for listed companies in South Africa. The JSE is supervised by the Financial Sector Conduct Authority (FSCA).

Companies listed on the JSE must apply all of the principles in King IV, and only the King IV practices that the JSE’ Listing Requirements (LR) make mandatory. These include:

  • Appointment of a company secretary (LR 4.8(c) and 3.84(h))
  • Appointment of a chief executive officer and a chairman (LR 3.84©)
  • Appointment of an audit committee (LR 3.84©)
  • Appointment of a social and ethics committee (LR 3.84©)
  • Appointment of a committee responsible for remuneration (LR 3.84©)
  • Development of a policy on the promotion of race and gender diversity at board level and disclosure of this policy in annual report their policy in their annual report
  • Introducing mandatory non-binding advisory shareholders’ votes on the remuneration policy and implementation report, respectively, at the annual general meeting (LR 8.63)
  • Disclosure of implementation of the King Report through the application of the King Report disclosure and application regime

The Global Reporting Initiative (GRI) is an independent international organisation, which has developed the GRI Sustainability Reporting Standards. The GRI Standards are used by many of the world’s largest listed companies for reporting on their sustainability performance.