South African companies’ sustainability and the King 3 Report

The King Report issued by the South African King Committee on Corporate Governance. There are three version of the report, namely King I (1994), King II (2002) and King III (2009). These compliance reports are mandatory for all companies operating on the Johannesburg Stock Exchange (South Africa), and takes international best practice in mind. The report considers three important corporate governance aspects namely leadership, sustainability and good corporate citizenship.

It views sustainability as the primary moral and economic imperative of this century. The code’s view on corporate citizenship requires that South African companies should operate in a sustainable manner

In the latest version of the report, sustainability is actually not included as a separate chapter, but rather integrated with governance, strategy and sustainability. This report recommends that organisations produce an integrated report instead of simply producing the usual annual financial statement. The report has to be completed in terms of the Global Reporting Initiative’s Sustainability Reporting Guidelines. King III is applicable to all entities, public, private and non-profit.

A good example of a South African country who is doing this very well, and also generally make the environment central to their business practices is Woolworths, or “Woolies” as it is known. They are on a good business journey trying to make sustainability a reality in all their business practices.

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Posted in corporate sustainability

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