The global move towards sustainability and sustainability reporting, the rise and influence of the Global Reporting Initiative (GRI) and triple bottom line reporting, together with the launch of the King III Report, and revision of the Johannesburg Stock Exchange (JSE) listing requirements in South Africa, both requiring the preparation of an integrated report, have resulted in a uniquely altered information environment, in which investors are required to make investment decisions. The value-relevance of this new sustainability information is however to date untested in a South African context. The introduction of the Social Responsible Investment (SRI) Index in South Africa provides a unique opportunity to evaluate the value-relevance of such new reporting. This research report tests the GRI, using the SRI Index as a proxy, to determine whether this accepted reporting standard is recognized as being valuerelevant, from both a short term and long term perspective, on the JSE over the period 2004 to 2012. The short term value-relevance is tested using cumulative average abnormal returns in an event study methodology, while the long term effect was investigated using a 4-tiered portfolio construction technique, which uses the SRI Index category rankings to define the portfolios. The results indicate that true to the long term nature of sustainability information, in the short term the quality of sustainability and sustainability reporting has no effect on the market value of a company. However, in the long term, a positive effect was found where the SRI listed portfolio, and the SRI best performer portfolio, significantly outperformed the non-listed portfolio on a consistent basis as measured using relative performance. The SRI persistent best performer portfolio however underperformed all other portfolios. This is however due to an overwhelming lack of diversification due to a low number of shares in the portfolio, as well as the portfolio being severely overweight in resource shares, which tend to be the best reporters, due to their large environmental impact. The research report therefore concludes that investing in a higher quality SRI/GRI sustainability portfolio, as opposed to a lower quality portfolio, resulted in excess returns to the investors over the period 2004-2012.

The objective of this research was to perform an explorative study to identify the position of Human Resources (HR) departments in companies in South Africa as custodians of the King III code; their knowledge and understanding of the King III code; and their role within corporate governance. The HR department has the responsibility to manage corporate governance by using the King III code as guideline. The main research questions were: Does HR management know, understand, apply and have the ability to use the King III code in terms of ethical decision making and what role does the HR department play within corporate governance? A random sample of available HR managers, senior HR consultants and HR directors was taken and semi-structured interviews were conducted. The results indicated that the respondents did not know, understand or use the King III code. / MCom (Industrial Psychology), North-West University, Vaal Triangle Campus, 2013

In hierdie studie word betoog dat korporatiewe sosialeverantwoordelikheid (KSV) minstens twee funksies het: om tot volhoubare ontwikkeling by te dra; en om strategiese voordeel vir die maatskappy te skep. Doeltreffende kommunikasie word as noodsaaklik beskou om beide bogenoemde funksies te vervul. Gevolglik word betoog dat maatskappye oor (om strategiese voordeel te trek) en in (om tot volhoubare ontwikkeling by te dra) KSV behoort te kommunikeer. Daaruit volg dat ʼn model vir KSV-kommunikasie beide soorte KSV-kommunikasie moet insluit. Die teoretiese veld van KSV-kommunikasie is tans ontoereikend en daarom word teorieë uit ander velde geraadpleeg om ʼn teoretiese begronding voor te stel. Daar word geredeneer dat kommunikasie oor KSV aan die uitgangspunte van drie kommunikasiebestuursbenaderings behoort te voldoen, aangesien hierdie benaderings dieselfde doelwitte as kommunikasie oor KSV nastreef. Die benaderings sluit in: simmetriese tweerigtingkommunikasie, die reflektiewe benadering asook strategiese kommunikasiebestuur. Betreffende kommunikasie in KSV word betoog dat hierdie vorm van kommunikasie aan die uitgangspunte van die deelnemende benadering tot ontwikkelingskommunikasie behoort te voldoen, aangesien dit volhoubare ontwikkeling as doelwit nastreef. Op grond van ʼn literatuurstudie oor bogenoemde kommunikasiebenaderings, word ʼn teoretiese model vir KSV-kommunikasie in die huidige studie voorgestel. Die empiriese deel van die studie fokus op die landbousektor en die teoretiese KSV-kommunikasiemodel word in die landbousektor toegepas om vas te stel hoe nuttig dit is. Hierdie studie stel voor dat ondersteuning aan opkomende boere die hooffokus van landboumaatskappye se KSV behoort te wees. Daar word gevolglik aanvaar dat landboumaatskappye met opkomende boere (as bevoordeeldes) in KSV behoort te kommunikeer, terwyl hulle met kommersiële boere (as kliënte, verskaffers en soms aandeelhouers) oor KSV behoort te kommunikeer. Die huidige studie het twee landboumaatskappye – Senwes en NWK – se KSV-kommunikasie ondersoek. Die empiriese deel van die studie is kwalitatief benader en die navorsingsmetodes is semigestruktureerde onderhoude, fokusgroepe en kwalitatiewe inhoudsanalise. Kwalitatiewe inhoudsanalise is ook ingespan om die resultate te ontleed wat deur die ander navorsingsmetodes bekom is. Daar is bevind dat kommunikasie tussen die betrokke werknemers van die landboumaatskappye en opkomende boere in KSV grootliks aan die uitgangspunte van die deelnemende benadering tot ontwikkelingskommunikasie voldoen. Die opkomende boere was oor die algemeen heel tevrede met kommunikasie soos dit tans geskied. Daarteenoor wil dit voorkom asof die landboumaatskappye so ver moontlik vermy om oor hulle KSV-inisiatiewe met kommersiële boere te kommunikeer. Geen van die kommersiële boere wat aan die studie deelgeneem het, was bewus van die maatskappye se betrokkenheid by ontwikkelende landbou nie, en was uiters negatief oor hierdie gebrek aan kommunikasie. Uit die voorgestelde model vir KSV-kommunikasie blyk dat die kommunikasiekanale, aard van kommunikasie en kommunikasiebeginsels grootliks dieselfde is vir kommunikasie in en oor KSV. Die doelwitte van hierdie twee soorte KSV-kommunikasie stem gedeeltelik ooreen, maar dit kan ook uiteenlopend wees. Die integrasie van kommunikasie in en oor KSV in een model word egter bemoeilik deurdat die metateoretiese raamwerke wat die relevante basisteorieë vir die ondersoek onderlê, oënskynlik uiteenlopende beskouings oor die doel van kommunikasie huldig. / PhD (Communication Studies), North-West University, Potchefstroom Campus, 2015

In hierdie studie word betoog dat korporatiewe sosialeverantwoordelikheid (KSV) minstens twee funksies het: om tot volhoubare ontwikkeling by te dra; en om strategiese voordeel vir die maatskappy te skep. Doeltreffende kommunikasie word as noodsaaklik beskou om beide bogenoemde funksies te vervul. Gevolglik word betoog dat maatskappye oor (om strategiese voordeel te trek) en in (om tot volhoubare ontwikkeling by te dra) KSV behoort te kommunikeer. Daaruit volg dat ʼn model vir KSV-kommunikasie beide soorte KSV-kommunikasie moet insluit. Die teoretiese veld van KSV-kommunikasie is tans ontoereikend en daarom word teorieë uit ander velde geraadpleeg om ʼn teoretiese begronding voor te stel. Daar word geredeneer dat kommunikasie oor KSV aan die uitgangspunte van drie kommunikasiebestuursbenaderings behoort te voldoen, aangesien hierdie benaderings dieselfde doelwitte as kommunikasie oor KSV nastreef. Die benaderings sluit in: simmetriese tweerigtingkommunikasie, die reflektiewe benadering asook strategiese kommunikasiebestuur. Betreffende kommunikasie in KSV word betoog dat hierdie vorm van kommunikasie aan die uitgangspunte van die deelnemende benadering tot ontwikkelingskommunikasie behoort te voldoen, aangesien dit volhoubare ontwikkeling as doelwit nastreef. Op grond van ʼn literatuurstudie oor bogenoemde kommunikasiebenaderings, word ʼn teoretiese model vir KSV-kommunikasie in die huidige studie voorgestel. Die empiriese deel van die studie fokus op die landbousektor en die teoretiese KSV-kommunikasiemodel word in die landbousektor toegepas om vas te stel hoe nuttig dit is. Hierdie studie stel voor dat ondersteuning aan opkomende boere die hooffokus van landboumaatskappye se KSV behoort te wees. Daar word gevolglik aanvaar dat landboumaatskappye met opkomende boere (as bevoordeeldes) in KSV behoort te kommunikeer, terwyl hulle met kommersiële boere (as kliënte, verskaffers en soms aandeelhouers) oor KSV behoort te kommunikeer. Die huidige studie het twee landboumaatskappye – Senwes en NWK – se KSV-kommunikasie ondersoek. Die empiriese deel van die studie is kwalitatief benader en die navorsingsmetodes is semigestruktureerde onderhoude, fokusgroepe en kwalitatiewe inhoudsanalise. Kwalitatiewe inhoudsanalise is ook ingespan om die resultate te ontleed wat deur die ander navorsingsmetodes bekom is. Daar is bevind dat kommunikasie tussen die betrokke werknemers van die landboumaatskappye en opkomende boere in KSV grootliks aan die uitgangspunte van die deelnemende benadering tot ontwikkelingskommunikasie voldoen. Die opkomende boere was oor die algemeen heel tevrede met kommunikasie soos dit tans geskied. Daarteenoor wil dit voorkom asof die landboumaatskappye so ver moontlik vermy om oor hulle KSV-inisiatiewe met kommersiële boere te kommunikeer. Geen van die kommersiële boere wat aan die studie deelgeneem het, was bewus van die maatskappye se betrokkenheid by ontwikkelende landbou nie, en was uiters negatief oor hierdie gebrek aan kommunikasie. Uit die voorgestelde model vir KSV-kommunikasie blyk dat die kommunikasiekanale, aard van kommunikasie en kommunikasiebeginsels grootliks dieselfde is vir kommunikasie in en oor KSV. Die doelwitte van hierdie twee soorte KSV-kommunikasie stem gedeeltelik ooreen, maar dit kan ook uiteenlopend wees. Die integrasie van kommunikasie in en oor KSV in een model word egter bemoeilik deurdat die metateoretiese raamwerke wat die relevante basisteorieë vir die ondersoek onderlê, oënskynlik uiteenlopende beskouings oor die doel van kommunikasie huldig. / PhD (Communication Studies), North-West University, Potchefstroom Campus, 2015

Thesis (MBA (Business Management))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The third King Report on Corporate Governance, commonly referred to as King III, was released during September 2009. This was the first of the three released King Reports that apply to all entities regardless of the manner and form of incorporation or establishment. The purpose of the King Reports is to promote the highest standards of corporate governance in South Africa. The King Code is not an enforceable set of rules, but rather guidelines to assist companies in implementing principles of good governance and ultimately best business practices. Statistics indicate that Small and Medium Enterprises (SMEs) perform an indispensable role in a country’s economy. Given the significance of these enterprises it becomes fundamental to understand the role that corporate governance and corporate governance practices play within SMEs. The goal of this research report is to conduct an investigation into the applicability of King III, considered to be the leading authority on corporate governance within South Africa, to SMEs. The various principles of King III were extracted to determine to what extent they are applicable to the SME environment. It follows that the King III Report (including the Draft King III Report) is the primary source of literature used throughout the research report. The research report includes a brief review of the development of the King Reports from King I to King III and SMEs and corporate governance from a national and international perspective. The supposition is that most of the principles as outlined by King III would be applicable to all businesses and therefore all SMEs. The research report aims to marry the two concepts of corporate governance and SMEs as far as possible. The review of the various principles confirmed the supposition that the majority of principles of King III apply to SMEs. The study also confirmed that a number of principles only apply to so-called large SMEs and that smaller SMEs would simply not be able to justify the fulfilment thereof. A number of codes and principles only apply to businesses operating in ‘companies’ as legal entities and hence are not applicable to all SMEs. Various recommendations are made with reference to the adoption and customisation of specific principles by SMEs. The writer furthermore recommends that there may well be scope to compile a corporate governance code specifically addressed to SMEs in South Africa. Such a code may incorporate the unique dynamics of the SME environment and address the specific criteria and needs within SMEs. / AFRIKAANSE OPSOMMING: Die derde King Verslag oor Korporatiewe Beheer wat algemeen bekend staan as King III, is tydens September 2009 vrygestel. Hierdie verslag was die eerste van die drie King Verslae wat van toepassing is op alle entiteite ongeag vorm van inkorporasie. Die doel van die King Verslae was en is steeds om die hoogste standaarde van korporatiewe beheer in Suid-Afrika te vestig. Die King Kode is nie ‘n afdwingbare stel reëls nie maar eerder riglyne wat hulp verleen aan besighede vir die implementering van beginsels van goeie korporatiewe beheer en besigheidsgedrag. Statistiek toon dat Klein en Medium Ondernemings (KMOs) ‘n onontbeerlike rol vervul in die ekonomieë van lande. Gegewe die belangrikheid van KMOs in die ekonomie is dit van fundamentele belang om te verstaan watter rol korporatiewe beheer en goeie korporatiewe beheer beginsels in KMOs speel. Die doel van hierdie navorsingsverslag is om te bepaal wat die toepaslikheid van King III, wat algemeen as die leier van korporatiewe beheer in Suid-Afrika aanvaar word, op KMOs is. Die onderskeie beginsels en riglyne van die King III Verslag word ontleed om te bepaal in watter mate hierdie riglyne en beginsels van toepassing is vir die KMO omgewing. Dit volg dat die King III Verslag (asook die Konsep King III Verslag) deurgaans as primêre bron gebruik word. Die navorsingsverslag sluit ‘n kort oorsig van die ontwikkeling van die King Verslae, vanaf King I tot en met King III, in. Verder word ‘n oorsig van KMOs en korporatiewe beheer op ‘n nasionale en internasionale grondslag bespreek. Die veronderstelling is dat die meeste van die riglyne en onderliggende beginsels, soos uiteengesit en beskryf in King III, van toepassing is op alle besighede, derhalwe ook KMOs. Die navorsingsprojek het ten doel om die konsepte van korporatiewe beheer en KMOs te vereenselwig so ver prakties moontlik. Die oorsig van die onderskeie riglyne en beginsels bevestig die vermoede dat die meerderheid van die riglyne en beginsels van King III van toepassing is op alle KMOs. Die studie bevestig ook dat ‘n aantal riglyne en beginsels slegs van toepassing is op sogenaamde groot KMOs en dat klein KMOs waarskynlik nie die toepassing daarvan sal kan regverdig nie. Sekere riglyne en beginsels is slegs van toepassing op KMOs wat as ‘n maatskappy as regsentiteit funksioneer en derhalwe nie van toepassing op alle KMOs nie. Verskeie aanbevelings word gemaak met betrekking tot die toepassing van spesifieke riglyne en beginsels deur KMOs. Die skrywer beveel verder aan dat daar ruimte is vir die ontwikkeling van ‘n korporatiewe beheer kode wat spesifiek gemik is op KMOs in Suid Afrika. Hierdie kode kan die unieke dinamika van die KMO omgewing inkorporeer en spesifieke kriteria en behoeftes van KMOs aanspreek.

Thesis (M. Com. (Accountancy)) -- University of Limpopo, 2017 / This research evaluated the role of external pressure on the sustainability of South African banks. Although much research on corporate sustainability disclosure has been done, this research is important since little of the previous research in South African has given a closer examination to sustainability external pressure implication of external pressure on banking sector sustainability disclosure. In addition, this research separated banks’ sustainability disclosure into social and environmental aspects to know which aspect in the banks are more influenced by external pressure. Therefore, the main objective of this research was to examine the relationship between external pressures on social disclosure and to examine the role of external pressure on environmental disclosure in select South African banks. Although the entire commercial banks in South African made up the population of study, the sample was reduced by the availability of external pressure variables (government pressure, political pressure, social pressure, regulatory pressure, customer pressure, and two control variables – reputation and profit objectives) in the sustainability reports within the six years of study (2010 – 2015). Research data were collected from secondary data which were available from the annual integrated reports of banks. Data were analysed by means of the panel data multiple regression analysis. The analysis of data on research question 1 showed that three independent variables (Government pressure, profit objective and customer pressure) showed a significant positive relationship with social disclosure. Government pressure showed a significant relationship at a value of P=0.006 which is less than the 0.05 alpha level set for this research. This therefore means that within the sample of banks where data were collected, government pressure have a significant positive relationship with social disclosure in these banks. Also, the analysis showed that profit objective and customer pressure are positively and significantly related to social disclosure at a value of P=0.05 which is equal to the alpha of this research. This also means that within the sample of banks where data vi were collected, profit objective and customer pressure have a significant positive relationship with social disclosure in these banks. On the contrary, four out of the seven independent variables (regulatory pressure, political pressure, social pressure and reputation) showed no significant relationship. The second research question in this study was to find whether a relationship exists between external pressure and environmental disclosure. However, all the independent variables showed a non-significant relationship with environmental disclosure. In conclusion, the research made some recommendations which include that future researchers should expand the number of banks by including other financial institutions, the comparison of sustainability disclosure in banks before and after the King III report, more improved teaching and research on banking sector sustainability disclosure in higher institutions, communication of research result such as on banking industry sustainability to practitioners and to government agencies. Other recommendations include the need to conduct a regional study to include other African countries on banking sector sustainability and to conduct a survey study on external pressure on banking sector environmental activity and disclosure

As stakeholders start holding companies accountable for the non-financial impacts of their operations, it is increasingly recognised that the parties to whom companies are accountable extends beyond shareholders to include other stakeholders as well. Around the world, companies are responding to stakeholder demands by voluntarily reporting on their corporate social responsibility (CSR) performance. Unscrupulous companies may however, be tempted to use green-wash to make false claims relating to their CSR performance in order to reap the associated benefits. This information risk may be ameliorated through the independent assurance of CSR disclosures, enhancing the confidence of stakeholders in its veracity. Reporting companies usually voluntarily obtain independent assurance on their CSR performance. However, in South Africa, independent CSR assurance is a regulatory requirement for all JSE-listed companies, albeit on an ‘apply or explain’ basis. This thesis, which utilises a mixed methods research approach incorporating both qualitative and quantitative components, seeks to identify and understand the characteristics of the emerging independent CSR assurance phenomenon. In this regard, the empirical component of the study was conducted in three phases: in the first phase companies’ CSR disclosures and assurance reports are examined; in the second phase survey responses from companies are reviewed; and in the third phase interviews with CSR assurors are analysed. In this thesis, the extent to which companies provide independent assurance on their CSR disclosures is established; the providers of independent CSR assurance are identified; the reasons that companies select certain CSR assurance providers are explored; the reasons that companies provide independent assurance on their CSR disclosures are determined; the CSR assurance practices of the various CSR assurors are reviewed and compared; and the primary standards and/or frameworks used in CSR assurance engagements are identified. A conclusion is reached that although independent CSR assurance is a de facto mandatory requirement for JSE-listed companies, only 26% of the companies had their CSR disclosures independently assured. Despite its de facto mandatory nature, the study found that South African CSR assurance practices remain largely unregulated, resulting in a diversity of CSR assurors; utilising various assurance approaches, standards and practices. In this thesis, it is argued that these inconsistencies undermine the purpose of CSR assurance and reduce stakeholder confidence. It is accordingly proposed that the identified deficiencies could be addressed through the regulation of CSR reporting and assurance. An oversight/regulatory body should be established to prescribe the competencies that CSR assurors should possess; to develop appropriate CSR assurance engagement standards; and to clearly articulate the scope that CSR assurance engagements should cover; with which all CSR assurors should comply. / Auditing / D. Com. (Auditing)

As stakeholders start holding companies accountable for the non-financial impacts of their operations, it is increasingly recognised that the parties to whom companies are accountable extends beyond shareholders to include other stakeholders as well. Around the world, companies are responding to stakeholder demands by voluntarily reporting on their corporate social responsibility (CSR) performance. Unscrupulous companies may however, be tempted to use green-wash to make false claims relating to their CSR performance in order to reap the associated benefits. This information risk may be ameliorated through the independent assurance of CSR disclosures, enhancing the confidence of stakeholders in its veracity. Reporting companies usually voluntarily obtain independent assurance on their CSR performance. However, in South Africa, independent CSR assurance is a regulatory requirement for all JSE-listed companies, albeit on an ‘apply or explain’ basis. This thesis, which utilises a mixed methods research approach incorporating both qualitative and quantitative components, seeks to identify and understand the characteristics of the emerging independent CSR assurance phenomenon. In this regard, the empirical component of the study was conducted in three phases: in the first phase companies’ CSR disclosures and assurance reports are examined; in the second phase survey responses from companies are reviewed; and in the third phase interviews with CSR assurors are analysed. In this thesis, the extent to which companies provide independent assurance on their CSR disclosures is established; the providers of independent CSR assurance are identified; the reasons that companies select certain CSR assurance providers are explored; the reasons that companies provide independent assurance on their CSR disclosures are determined; the CSR assurance practices of the various CSR assurors are reviewed and compared; and the primary standards and/or frameworks used in CSR assurance engagements are identified. A conclusion is reached that although independent CSR assurance is a de facto mandatory requirement for JSE-listed companies, only 26% of the companies had their CSR disclosures independently assured. Despite its de facto mandatory nature, the study found that South African CSR assurance practices remain largely unregulated, resulting in a diversity of CSR assurors; utilising various assurance approaches, standards and practices. In this thesis, it is argued that these inconsistencies undermine the purpose of CSR assurance and reduce stakeholder confidence. It is accordingly proposed that the identified deficiencies could be addressed through the regulation of CSR reporting and assurance. An oversight/regulatory body should be established to prescribe the competencies that CSR assurors should possess; to develop appropriate CSR assurance engagement standards; and to clearly articulate the scope that CSR assurance engagements should cover; with which all CSR assurors should comply. / Auditing / D. Com. (Auditing)