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| Email |
lee-anne@intelmanstrat.co.za
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| Category |
Business: Management
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| Contact |
83 Cnr. Voortrekker & Alice Rd.
Nova Domus Building
Goodwood, Cape Town
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| Description |
Corporate Governance - The of recent changes in corporate governance, world wide, is to promote greater corporate accountability, transparency and stakeholder confidence. A direct result of these changes is increased accountability of company directors regarding risk control within their organisations.
With the King II report, the improtance of risk management receives official consideration for the first time in South Africa. King II now requires that companies audit risk exposure annually and disclose it to their shareholders. It has therefore become of paramount improtance that organisations that seek to conform to international best business practices implement sound corporate governance structures.
A number of questions may be asked about the future of corporate governance. For example:
*continue shareowner dominance to the exclusion of other stakeholders.
*have financial focus only
*ignore the changed world
*have a backward looking financial measurement only
*perform but not conform and be irresponsible corporate citizens?
There are a number of new issues addressed in the King II Report. The new report:
*includes the opinion of each task team
*is a work of reference
*requires disclosure of remuneration of directors
*includes non-financial issues such as social responsibility
*addresses risk management extensively
*introduces the requirement of reporting on a triple bottom line
*emphasises ownership in business
*requires companies to adopt an inclusive apporoach
*follows a "balance scorecard" approach to illustrate sustainability
*emphasises the need of the correct balance between conformance and performance and
*stresses the reciprocal relationship with stakeholders
King II recommends that organisations report on a triple bottom line and not on financial performance only. The triple bottom line refers to social, economic and enviromental aspects. The environmental aspects include the effect that the product or services produced by the company have on the environment. Social aspects involve values, ethics and the reciprocal relationship with stakeholders other than the sharewoners of the company. Economic aspects refer to the fianancial performance of the company. The way in which a company should report on the triple bottom line is recorded in the Global Reporting Initiative.
Key Objectives:-
* Consider the pros and cons of legislative governance versus the guideline approach
* Probe the idea of Corporate Governance being the recipe for achieving a "Top Company Status"
* Setting up win-win situations where financial and social responsibilities are achieved
* Insight into the JSE's Sustainability Reporting Investment Index
* Gather information on future trends
* Explore the link between Corporate Governance and Financial Stability
* Learn from corporate mistakes and success stories - case studies
* Corporate Governance issues in Africa: Corruption and Fraud
* Corporate Citizenship and Sustainability practices
* Managing organisational ethics and building of values
* Work with soft issues when it is the hard core issues you understand
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| Additional Information |
Speakers that will be presenting at the event:
Karugor Gatamah - Centre for corporate Governance in Kenya
Mervyn King - Brait Societe Anonyme
Jennifer Johnston - JSE Securities Exchange SA
Justin Smith - Nedcor Ltd
Jabu Kuzwayo - South African Reserve Bank
Cas Coovadia - Banking Association of South Africa
Willem Landman - Ethics Institute of South Africa
Judge Ralph Zulman - Supreme Court of Appeal, South Africa
Emile Myburgh - Advogados International Trade Lawyers
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