Thesis (MBA)--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: This research assesses the current organisational culture as well as the future preferred organisational culture of a business unit in a large information and communications technology company. In this study the researcher also assesses the management skills and competencies in comparison with the preferred future culture of the organisation. The research is based on the competing values framework of assessing organisational culture. The data was collected using the two instruments, namely the organisational culture assessment instrument and the management skills assessment instrument. These tools are questionnaires, which enabled the researcher to undertake a survey in a business unit. A sample of eight leaders and 72 associates was used to complete the questionnaires. The organisational culture assessment instrument was used to assess and profile the current culture of the organisation as well as the future preferred culture of the organisation. The management skills assessment instrument was used to evaluate the skills and competencies of the leaders in the business unit and the data was statistically analysed to compare the current skills of the leaders to that of the preferred future culture. The research revealed that the skills and competencies of the business unit strongly match the current culture of the organisation, and not the preferred culture. Through these findings, the research established which skills and competencies need to be developed in order to achieve the preferred culture. The research is significant in that it also proved the validity of the theory of competing values and this will contribute to the scholars in the culture and change management studies.

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: With the collapse of large multi-national companies such as Enron early in the new millennium, the focus on corporate governance increased due to stakeholders and shareholders alike demanding more protection of their interests. Countries across the world developed codes and acts such as the Sarbanes-Oxley Act of 2002 in the USA, in order to establish some form of enforceable governance on publicly listed companies. In South Africa likewise the King II report on corporate governance was published in 2002. Corporate governance provides protection to stakeholders, internal and external, by focusing on the accuracy and transparency of the information published by companies, reporting the financial well-being of the company by providing projected cash flows, the responsibility and accountability of executives towards stakeholders, and also on the management of risk. Projects and project management play a major role in most companies and can have a significant effect on its cash flow, risk and reporting, and therefore corporate governance can have a marked impact on how projects could, or should be managed. This can be seen as project governance, a subset of the overall governance strategy of the company. To date not much research has been done on how governance influences projects and what is to be considered 'good project governance'. Apart from some smaller project management consulting firms, the Association for Project Management (APM) in the UK is the only one to have done some work of real importance in this area with the establishment of their 11 principles for effective project governance. In this research report the focus is on how projects are influenced by corporate governance by analysing aspects such as planning, reporting, risk management and project audits. The benefits which good project governance hold for a company, besides the protection of its stakeholder's interests, is also examined. Lastly guidelines are established for effective project governance by studying existing models, such as that created by the APM, as well as the King II report on corporate governance to try and make it more relevant to conditions in South Africa. / AFRIKAANSE OPSOMMING: Met die ineenstorting van groot multinasionale instellings soos Enron vroeg in die nuwe eeu, is daar toenemend gefokus op korporatiewe beheer, omdat beide belanghebbers en aandeelhouers aangedring het op groter beskerming van hul belange. Lande wereldwyd het kodes en wette ontwikkel. soos die Sarbanes-Oxley Act (2002) in die VSA, ten einde een of ander vorm van afdwingbare beheer op openbaargenoteerde maatskappye daar te stel. In Suid-Afrika ingelyks is die King II verslag oor korporatiewe beheer in 2002 gepubliseer. Korporatiewe beheer verleen beskerming aan belanghebbers, intern sowel as ekstern, deur te fokus op akkurate en deursigtige inligting wat maatskappye bekend maak, verslae oor die finansiele welstand van maatskappye deur middel van geprojekteerde kontantvloei, verantwoordelikheid en aanspreeklikheid van uitvoerende beamptes teenoor belanghebbers, asook duidelikheid oor risikobestuur. Projekte en projekbestuur speel 'n belangrike rol in die oorgrote meerderheid maatskappye en kan 'n beduidende uitwerking he op kontantvloei, risiko en verslagdoening. Juis weens hierdie oorwegings kan korporatiewe beheer 'n aanmerklike impak he op die wyse waarop projekte bestuur, of behoort bestuur te word. Dit kan beskou word as projekbeheer, 'n onderafdeling van die oorkoepelende beheerstrategie van 'n maatskappy. Min navorsing is nog gedoen oor die invloed van beheer op projekte, asook wat beskou kan word as 'goeie projekbeheer'. Afgesien van enkele kleiner projekbeheer konsultantmaatskappye, is die Association for Project Management (APM) in Brittanje die enigste wat werklik substantiewe leiding op hierdie terrein gebied het, soos blyk uit hul ontwikkeling van 11 beginsels vir doeltreffende projekbeheer. In hierdie navorsingsverslag word gefokus op hoe projekte beinvloed word deur korporatiewe beheer, deur kwessies soos beplanning, veslagdoening, risikobestuur en projekouditte te analiseer. Voordele wat goeie projekbeheer vir 'n maatskappy inhou, naas beskerming van belanghebbers se belange, word eweneens ondersoek. Enkele riglyne word laastens ontwikkel vir doeltreffende projekbeheer, deur bestaande modelle te bestudeer, soos die van APM en die King II verslag oor korporatiewe beheer, om dit meer relevant te maak vir Suid-Afrikaanse toestande.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Corporate governance in South Africa (SA) has been promoted since 1994 with the release of the King report which was the first code of corporate governance in the country. This has since been updated in 2002, and most recently in 2009. In previous independent assessments of corporate governance in South Africa, the country has been commended for its corporate governance standards. As a large institutional investor the Public Investment Corporation (PIC) actively encourages high standards of corporate governance in the companies in which it invests. Therefore, the PIC wanted to develop a matrix to assess the current corporate governance standards of listed companies in South Africa in order to assist with investment decisions, and to actively promote high standards. Therefore, the skills and knowledge of an expert panel were called upon in order to develop a robust assessment tool that incorporates best practice, but remains locally relevant. The intention was to not only focus on disclosure, but to also incorporate an assessment of conformance and performance. This was then applied to the Johannesburg Stock Exchange (JSE) top 40 companies. The aim of the study was not only to assess the corporate governance of these companies, but also to critically review the matrix to ensure it is an effective assessment tool. In addition the link between corporate governance, company performance, and company valuation was investigated as these variables are commonly reported in the literature to be positively correlated. Various aspects of board diversity, including age, gender and ethnicity, were also researched as this was identified as a critical issue in the South African context. Factors that have been shown to affect board diversity in the literature were also investigated. Following this the link between board diversity and company performance was studied as there is limited information regarding this relationship in the literature. Various limitations of the matrix were identified and in many instances related to what had previously been reported in the literature. However, a significant relationship was not found between corporate governance and company performance, and, the relationship between corporate governance and company valuation was negative. This may be due to limitations of the study, and therefore, a definitive conclusion cannot be drawn. In terms of the demographics of the boards of the JSE top 40 companies, most directors fall between the ages of 51 and 60 years, 14.5 per cent of board members are female, and 32.5 per cent of directors are black. There was a trend towards a positive relationship between diversity of age and board size, while no relationship was found between shareholder diversity and board diversity, and interestingly board ethnic diversity was found to be positively correlated with company performance. / AFRIKAANSE OPSOMMING: Korporatiewe beheer in Suid-Afrika is sedert 1994 bevorder met die uitreik van die King-verslag wat die eerste kode vir korporatiewe beheer in die land was. Hierdie verslag is sedertdien opgedateer in 2002 en mees onlangs in 2009. In vorige onafhanklike beoordelings van korporatiewe beheer in Suid-Afrika, is die land aangeprys vir sy korporatiewe beheerstandaarde. As ‟n groot institusionele belegger, moedig die Public Investent Corporation (PIC) aktief hoë standaarde van korporatiewe beheer aan in die maatskappye waarin hy belê. Die PIC wou daarom ‟n matriks ontwikkel om die huidige korporatiewe beheerstandaarde te beoordeel van die genoteerde maatskappye in Suid-Afrika ten einde te help met beleggingsbesluite en om hoë standaarde aktief aan te moedig. Die kennis en vaardighede van ‟n paneel deskundiges is daarom ingeroep om ‟n robuuste beoordelingshulpmiddel te ontwikkel wat die beste praktyke sou insluit, maar plaaslik relevant sou bly. Die bedoeling was ook om nie net op openbaarmaking te fokus nie, maar ook beoordeling van nakoming en prestasie in te sluit. Dit is dan op die Johannesburgse Effektebeurs (JSE) se top 40 maatskappye toegepas. Die doel van die studie was nie net om die korporatiewe beheer van hierdie maatskappye te beoordeel nie, maar ook om die matriks krities te beoordeel om te verseker dat dit ‟n effektiewe beoordelingshulpmiddel is. Die verwantskap tussen korporatiewe beheer, maatskappy prestasie, en maatskappy waardasie is verder ook ondersoek aangesien hierdie veranderlikes algemeen in die literatuur as positief gekorreleer beskryf word. Verskeie aspekte van direksie diversiteit, insluitend ouderdom, geslag en etnisiteit, is ook nagevors aangesien hierdie sake as kritiese kwessies binne die Suid-Afrikaanse konteks geïdentifiseer is. Faktore wat in die literatuur geblyk het die direksie se diversiteit te beïnvloed, is ook ondersoek. Hierna is die verwantskap tussen direksie diversiteit en maatskappy prestasie ook ondersoek aangesien daar beperkte inligting oor hierdie verwantskap in die literatuur bestaan. Verskeie beperkinge van die matriks is geïdentifiseer en hou in baie gevalle verband met dit wat reeds voorheen in die literatuur beskryf is. Geen beduidende verwantskap is egter gevind tussen korporatiewe beheer en maatskappy prestasie nie, en die verwantskap tussen korporatiewe beheer en maatskappy waardasie was negatief. Dit mag wees as gevolg van beperkings van die studie, en daarom kan ‟n beslissende gevolgtrekking nie gemaak word nie. In terme van die demografie van die direksies van die JSE se top 40 maatskappye, is die meeste direkteure tussen 51 en 60 jaar oud, 14.5 persent van direksielede is vroulik, en 32.5 persent van direkteure is swart. Daar was ‟n tendens tot ‟n positiewe verwantskap tussen diversiteit van ouderdomme en direksiegrootte, maar geen verwantskap is gevind tussen aandeelhouer diversiteit en direksie diversiteit nie, en dit is interessant dat direksie etniese diversiteit gevind is om positief gekorreleer te wees met maatskappy prestasie.

Thesis (MBA)--University of Stellenbosch, 2010. / The introduction of King III has resulted in many changes to corporate governance practices. The changes inevitably have implications and challenges for organisations. If the changes introduced by King III as well as the implications and challenges are not well understood, implementing King III could be a very challenging exercise. This research report outlines the key differences between King III and King II. The research report also highlights the major implications and challenges of implementing the King III principles. In addition, those aspects of King III that are covered in the new Companies Act have also been outlined. In analysing the changes between King II and King III, and the implications and challenges of King III‟s principles and recommendations, the author followed the layout of the chapters in King III, namely ethical leadership and corporate citizenship, boards and directors, audit committees, the governance of risk, the governance of information technology, compliance with laws, codes, rules and standards, internal audit, governing stakeholder relationships and integrated reporting. The differences between King III and King II were analysed through a study and comparison of the King III and King II Reports. The implications and challenges were analysed through reading literature on King III and corporate governance in general. Aspects of King III covered in the Companies Act were analysed through a study of King III and the Companies Act. The author analysed the differences, implications and challenges of both the principles and the recommended practice in the King Reports. No distinction was made between principles and recommended practices. The main changes introduced by King III relate to the composition and role of the board, the board committees and the new topic on IT governance and the need to publish an integrated report. Though discussed in different chapters, King III has emphasised the link and interplay between ethics, corporate social responsibility, governing stakeholder relationships and integrated reporting. In addition to the above, the most contentious change is probably the applicability of King III to all entities regardless of form of incorporation. King III has also attempted to bring about a physiological change in the way companies perceive King III by changing the “comply or explain” concept to the “apply or explain concept”. The direct implications and challenges brought about by King III relate to the time, efforts and costs needed to implement the various King III principles and recommendations. King III could also result in an increase in the size or diversity of the board, and companies are likely to find it challenging to get qualified people to fill directorship posts. Integrated reporting is going to change the way companies view corporate social responsibility and the way they report non-financial information to stakeholders. Despite the challenges, there is no doubt that King III goes a long way to ensure that South Africa‟s corporate governance system is at par with the rest of the world.

Thesis (MBA)--Stellenbosch University, 2014. / The aim of this research assignment was to analyse and compare the specific governance elements in SOEs in the two government departments. A sample of twenty state-owned entities (SOEs) was selected in total, twelve from the Department of Transport and eight from the Department of Public Enterprises. The literature review on corporate governance in general and in South Africa illustrated the importance of corporate governance in any company. A short summary of the origin of governance is followed by a discussion of corporate governance from an SOE’s perspective. The study highlighted that the board of the entity under discussion was critical in a discussion of corporate governance. The focus, therefore, shifted to the role and responsibilities of boards and the individual members. The size, composition, diversity, remuneration and meeting attendance are the important elements that were analysed as the basis of the research. All the data for the analyses were sourced from the publicly available company annual reports for the 2012/2013 financial year of all the SOEs. Based on the analysis of the research findings carried out in Chapter 4, the following conclusion was reached with regard to governance in SOEs in the DOT and the DPE: - In the opinion of the author, governance elements of independence, ethnic diversity, average age and board meeting attendance compare evenly with each other. - The CEO position on boards from both departments is still male dominated. - There were clear differences with regard to gender diversity and the remuneration of CEOs and chairpersons. In this case, the DPE displayed higher figured in both elements. - There is a strong correlation between CEO remuneration and chairperson fee amongst both departments’ SOEs. CEO remuneration and total assets per SOE also correlate well. This, in the author’s opinion, explains the higher salaries of CEOs and chairpersons at SOEs responsible for import strategic infrastructure like Transport and Energy.

Thesis (MBA)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Newspaper headlines have continued to shock investors and society by exposing corporate scandals and by highlighting the overall decline in moral fibre of the modern employer and/or employee, locally and internationally. The King III Report on Governance aims to improve organisations’ sustainability by providing principles to enable sound decision-making for any organisation, irrespective of its size and/or structure. The objective of this research report was to investigate the challenges experienced with the application of these principles, with a specific focus on the guidance provided to enable the independence of directors. Firstly, this investigation aimed to establish whether there was a belief that the application of these principles would necessarily lead to sustainability; and secondly, whether the application of these principles were practically possible for all organisations, irrespective of their size and/or structure. The investigation was conducted by combining the results from a literature review on corporate governance with a specific focus on director independence and a survey conducted with twelve individuals involved in different capacities at board level. Based on the information obtained from the literature review and the results obtained from the questionnaire, overwhelming support exists that indicates that the application of the King III principles would contribute to improve the sustainability of an organisation. However, it was discovered that it would not necessarily be feasible for all companies, of any size and/or structure, to effectively apply these principles. Various recommendations were made to address the challenges identified for the effective application of the King III principles relating to the independence of directors.

Thesis (MBA)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Executive remuneration in South Africa has continued to attract public outrage and generate much debate among various stakeholders due to the perceived non-alignment of compensation packages awarded to senior executives and company performance. This research examines the relationship between executive compensation and financial performance of South African listed companies. Furthermore, the study investigates the link between executive pay and sustainability performance measures such as environmental, social and governance (ESG) criteria. Almost no research has been done in South Africa to examine the link and integration of ESG performance metrics into executive pay as researchers continue to focus on traditional financial measures of performance such as earnings (EBITDA), earnings per share (EPS), return on equity (ROE), return on assets (ROA), total shareholder return (TSR) and share price. The link between executive compensation and sustainability metrics (ESG) has become a topic of much discussion among academics and investors due to the potential influence of ESG factors on companies’ financial performance and sustainable long-term value creation. The research begins by examining the changes in the level of executive compensation during a five-year period and by testing the relationship between executive pay and traditional financial performance measures. The results show that the total compensation of CEOs has been steadily increasing during the five-year period while variable performance bonuses experienced a slight decline during the economic recession of 2007 to 2008. The results provided evidence that there is a statistically significant positive relationship between executive remuneration and company profitability. Findings for the second objective suggest that while executive compensation plans of many companies have been formally tied to ESG performance metrics, few companies in the study have disclosed effective and robust ESG performance measurement systems that tie executive pay to sustainability performance.

Thesis (PhD)-- Stellenbosch University, 2014. / ENGLISH ABSTRACT: Mainstream investors are mostly interested in how they can benefit financially from a specific investment. Although this is the case, an increasing number of so-called responsible investors are also beginning to integrate environmental, social and corporate governance (ESG) aspects into their investment analysis and ownership practices. Corporate governance compliance is often the first level of ESG interest for these investors. Previous researchers considered the relationship between corporate governance and various financial performance measures, but reported inconclusive evidence on the nature of the relationship. Even though the three King Reports provide a well-developed framework for corporate governance compliance in South Africa, no comprehensive academic study has previously been conducted on the above-mentioned relationship in the South African context. The primary objective of the current study was therefore to investigate the relationship between corporate governance and the financial performance of selected JSE industries. The chosen study period (20022010) coincided with the launch of the King II Report and included the 20072009 global financial crisis. A combination of convenience and judgement sampling was used to draw a sample from six JSE industries. In an attempt to reduce survivorship bias, the sample included both listed firms and firms that had delisted during the study period. The complete sample comprised 227 companies (1 417 annual observations). When the study commenced, there was a lack of reliable, readily available ESG data for JSE-listed firms. An existing corporate governance research instrument was therefore refined to develop standardised data on the corporate governance compliance of the selected firms. An annual corporate governance score (CGS) was compiled for each of the firms by means of content analysis of its annual reports. Five financial performance variables were considered, namely return on assets (ROA), return on equity (ROE), earnings per share (EPS), total share return (TSR) and risk-adjusted abnormal return (alpha). The selection of these measures was based on previous research. The secondary financial data were sourced from the McGregor BFA database and the Bureau for Economic Research. The resulting panel dataset was analysed by means of various descriptive and inferential analyses. The descriptive statistics revealed an overall increasing corporate governance compliance trend. Both the disclosure and acceptability dimensions of the sample companies’ CGSs improved over time. The sample firms complied with approximately 68 per cent of the corporate governance criteria on average. The panel regression analysis showed a significant positive relationship between CGS and the accounting-based EPS ratio. Although this result is encouraging, it should be kept in mind that managers can have an influence on both these variables. On the other hand, a significant negative relationship was observed between the market-based TSR measure and CGS. The TSR measure is not adjusted for risk. Risk-adjusted abnormal returns were thus also estimated for four corporate governance-sorted portfolios. In a positive change of events, both the capital asset pricing model (CAPM) and the FamaFrench three-factor estimations showed positive alphas for the portfolio consisting of firms with the highest CGSs. These encouraging results were observed for the overall study period and the period before May 2008. Investors could thus have benefitted, in risk-adjusted terms, by investing in the sample firms with high corporate governance compliance. In the period after May 2008, the FamaFrench three-factor estimations revealed that the risk-adjusted market-based performance of almost all the sample firms were negatively affected by the global financial crisis of the late 2000s. The reported alphas for this period were, however, not significant. Based on these results, the researcher recommends that directors, managers and shareholders should consider the valuable opportunities associated with sound corporate governance compliance, rather than merely regarding it as a “tick-box” obligation. / AFRIKAANSE OPSOMMING: Hoofstroombeleggers is veral geïnteresseerd in hoe hulle finansieel by ʼn spesifieke belegging kan baat. Alhoewel dit die geval is, begin ʼn toenemende aantal sogenaamde ‘verantwoordelike beleggers’ ook die omgewing, sosiale en korporatiewe bestuursaspekte (ESG-aspekte) in hulle beleggingsanalise en eienaarskapspraktyke integreer. Korporatiewe bestuursnakoming is dikwels die eerste vlak van ESG-belangstelling vir hierdie beleggers. Vorige navorsers het die verwantskap tussen korporatiewe bestuur en verskeie maatstawwe van finansiële prestasie ondersoek, maar het onbesliste resultate ten opsigte van die aard van die verhouding gerapporteer. Ongeag die drie King-verslae wat ʼn goed ontwikkelde raamwerk vir die nakoming van korporatiewe bestuur in Suid-Afrika verskaf, is daar tot dusver nog geen omvattende akademiese studie oor die bogenoemde verwantskap in Suid-Afrika gedoen nie. Die primêre doelstelling van hierdie studie was dus om die verwantskap tussen korporatiewe bestuur en die finansiële prestasie van JSE-genoteerde maatskappye te ondersoek. Die geselekteerde studie tydperk (2002-2010) het die wêreldwye finansiële krisis van 2007-2009 ingesluit en het saamgeval met die bekendstelling van die King II-verslag. ʼn Kombinasie van gerieflikheids- en oordeelkundige steekproefneming is gebruik om ʼn steekproef vanuit ses JSE-nywerhede te selekteer. In ʼn poging om oorlewingsydigheid te verminder, het dié steekproef sowel genoteerde maatskappye as maatskappye wat gedurende die studietydperk gedenoteer het, ingesluit. Die volledige steekproef het uit 227 maatskappye (1 417 jaarlikse waarnemings) bestaan. Met die aanvang van die studie was daar ʼn gebrek aan betroubare, geredelik beskikbare ESG-data vir JSE-genoteerde maatskappye. ʼn Bestaande navorsingsinstrument vir korporatiewe bestuursnakoming is dus verfyn om gestandaardiseerde data rakende die gekose maatskappye se korporatiewe bestuursnakoming te verkry. ʼn Jaarlikse korporatiewe bestuur telling (CGS) is deur middel van inhoudsanalise van die betrokke maatskappy se jaarstate vir elk van die maatskappye saamgestel. Vyf finansiële prestasie veranderlikes is oorweeg, naamlik ondernemingsrentabiliteit (ROA), rentabiliteit van ekwiteit (ROE), verdienste per aandeel (EPS), totale aandeelopbrengs (TSR) en risiko-aangepaste abnormale opbrengs (alfa). Die keuse van hierdie maatreëls was op vorige navorsing gegrond. Die sekondêre finansiële data was afkomstig van die McGregor BFA-databasis en die Buro vir Ekonomiese Ondersoek. Verskeie beskrywende en inferensiële analises is gebruik om die gevolglike paneeldatastel te ontleed. Die beskrywende statistiek het gedui op ʼn algeheel toenemende tendens in korporatiewe bestuursnakoming. Beide die bekendmaking- en aanvaarbaarheidsdimensies van die steekproef maatskappye se CGS’s het met verloop van tyd verbeter. Die steekproef maatskappye het gemiddeld aan ongeveer 68 persent van die korporatiewe bestuurskriteria voldoen. Die paneel regressie-analise het ʼn beduidende positiewe verwantskap tussen CGS en die rekeningkundig-gebaseerde EPS-verhoudingsgetal getoon. Alhoewel die resultaat bemoedigend is, moet daar in gedagte gehou word dat bestuurders ʼn invloed op beide hierdie veranderlikes kan hê. Aan die ander kant is ʼn beduidende negatiewe verband tussen die markgebaseerde TSR-maatstaf en CGS waargeneem. Die TSR-maatstaf is nie vir risiko aangepas nie. Risiko-aangepaste abnormale opbrengste is dus ook bepaal vir vier korporatiewe bestuursgesorteerde portefeuljes. In ʼn positiewe wending het beide die kapitaal-bate prysmodel (CAPM) en die FamaFrench drie-faktor beramings positiewe alfas vir die portefeulje bestaande uit maatskappye met die hoogste CGS’s getoon. Hierdie bemoedigende resultate is vir die volle studietydperk en die tydperk voor Mei 2008 gerapporteer. Beleggers kon dus, in risiko-aangepaste terme, baat gevind het deur in die steekproef maatskappye met hoë korporatiewe bestuursnakoming te belê. In die tydperk ná Mei 2008 het die Fama-French drie-faktor beramings aangetoon dat die risiko-aangepaste markgebaseerde prestasie van byna al die maatskappye in die steekproef negatief geraak is deur die wêreldwye finansiële krisis van die laat 2000’s. Die gerapporteerde alfas vir hierdie tydperk was egter nie beduidend nie. Na aanleiding van hierdie resultate beveel die navorser aan dat direkteure, bestuurders en aandeelhouers die waardevolle geleenthede wat met standvastige korporatiewe bestuursnakoming verband hou oorweeg eerder as om dit bloot as ʼn “afmerk”-verpligting te beskou.

<p>This study focused on governance and financial sustainability of NGO's in South Africa. The primary objective of the study was to evaluate existing governance and financial arrangements of NGO's, CBO's and CSO's with the view to developing alternative approaches to governance and financial arrangements with specific reference to lessons of experiences for South African NGO's. The secondary objectives of the study were to firstly develop a historical perspective on trends and tendencies of NGO funding in South Africa.</p>

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand In partial fulfilment of the requirements for the degree of Master of Commerce, 2017 / The success of integrated reporting depends on whether or not corporate South Africa communicates with its stakeholders to gauge their perceptions, allowing for their interests and expectations to drive the content of the reports. This study explores the consistencies between the emphasis placed on certain integrated reporting themes by companies within the financial services sector of the Johannesburg Stock Exchange and the perceived importance of these themes by stakeholders. By analysing the differences in emphasis between companies and respondents, this paper will prove that a perception gap has developed because of a lack of understanding by companies about what information users value. In addition, by experimenting with the sophistication characteristic of respondents, this study will demonstrate that sophistication has an effect on the type of disclosures which users value and the method by which they wish it to be conveyed / GR2018