Thesis (MBA (Business Management))--University of Stellenbosch, 2008. / ENGLISH SUMMARY: During the period of change in South Africa in the year of the first democratic elections, 1994, the first King Report on Corporate Governance appeared. For the first time in South
Africa, companies had a good reference for corporate practice and conduct. A second
King report, commonly referred to as King II, appeared in March 2002 and expanded on
the earlier Code to produce, what was considered at the time to be, a world-class code of
corporate governance.
In addition to the acceptance and incorporation of King II into corporate governance
practice, the JSE included compliance with the King Code as part of its listing
requirements. The code itself is not an enforceable set of rules, but rather guidelines to
assist companies in implementing principles of good governance. In similar vein, the JSE
has given companies the flexibility to justify non-compliance. This underscores the socalled
comply or explain philosophy to which corporate governance in South Africa
subscribes. Studies have found the level of corporate governance in South Africa to be
high, especially for an emerging market. Compliance with corporate governance principles
and transparency go hand in hand. In a comply or explain regime, where the regulation is
considered to be done by the market, disclosure of compliance is especially important.
The goal of this research project was to conduct a survey of the top listed South African
companies to ascertain what the level of disclosure of corporate governance was, with
specific reference to the recommendations contained in the King Code. For the purposes
of this study, the top companies were defined as the FTSE/JSE Top 40 Index companies.
The supposition was that most companies, having been confronted with the King Code for
almost six years, would be compliant to a large degree and will disclose their compliance.
This was expected to be more evident amongst top companies who have the resources
and influence to effect changes sooner and take the lead on high profile issues. The study
confirmed the supposition that companies, at least in the sample, were highly compliant.
There were however some areas where improvements can be made to be more in line with
global best practices. / AFRIKAANSE OPSOMMING: Gedurende die periode van vernuwing in Suid-Afrika en die jaar van die eerste
demokratiese verkiesing, 1994, het die eerste King verslag op korporatiewe bestuur
verskyn. Vir die eerste keer het maatskappye in Suid-Afrika ‘n goeie verwysing gehad in
die bepaling van hul korporatiewe bestuurspraktyke en gedrag. ‘n Tweede King verslag,
alombekend as King II, het in Maart 2002 verskyn en op die eerste verslag uitgebou om ‘n
kode te voorskyn te bring wat ten tyde van publisering as wêreldklas bestempel is.
Bo en behalwe die aanvaarding en toepassing van King II in die korporatiewe
bestuurspraktyk, het die JSE ook nakoming van die Kode as deel van die noterings
vereistes ingesluit. Die King Kode opsigself is nie ‘n afdwingbare stel reëls nie, maar
eerder riglyne wat maatskappy bystaan in die implementering van beginsels van goeie
bestuur. In ‘n soortgelyke manier gee die JSE ook aan maatskappye die buigsaamheid om
gevalle van nie-nakoming te regverdig en verdedig. Dit onderskryf die sogenaamde
voldoen of verduidelik filosofie wat korporatiewe bestuur in Suid Afrika aan gehoor gee.
Studies het gevind dat die vlak van korporatiewe bestuursgedrag in Suid-Afrika hoog is,
veral vir ‘n ontluikende mark. Nakoming met korporatiewe bestuurgedragskodes en
deursigtigheid gaan hand aan hand. In ‘n voldoen of verduidelik regime, waar die mark
geag word om te reguleer, is openbaarmaking van korporatiewe bestuursgedrag van
kardinale belang. Die doel van hierdie navorsingsprojek was om ‘n peiling te maak van die
voorste Suid-Afrikaanse maatskappye om te bepaal wat die vlak van openbaarmaking in
terme van korporatiewe bestuursgedrag was, met spesifieke verwysing na die King Kode.
Vir die doeleindes van die studie is die voorste maatskappye gedefiniëer as die FTSE/JSE
Top 40 Indeks. Die veronderstelling was dat meeste maatskappye, gegewe die feit dat die
Kode al ses jaar in omgang is, tot ‘n groot mate aan die Kode sal voldoen en inligting
rakende die voldoening openbaar maak. Dit is ook verwag dat dit veral die geval onder die
voorste maatskappye sou wees aangesien hulle oor die hulpbronne en invloed beskik om
veranderinge vroeër teweeg te bring en leierskap te neem met hoë profiel kwesssies. Die
studie het die veronderstelling korrek bewys dat maatskappye, ten minste in die geval van
die ingeslote groep, ‘n hoë vlak van voldoening en openbaarmaking ten toon stel. Daar is
egter nogtans areas waar verbeterings gedoen kan word om meer in lyn met internasionale
beste praktyke te kom.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/838 |
| Date | 03 1900 |
| Creators | Ohlhoff, Johannes Hendrik Snyman |
| Contributors | Malan, Daniel, University of Stellenbosch. Faculty of Economic and Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : University of Stellenbosch |
| Source Sets | South African National ETD Portal |
| Language | English |
| Detected Language | Unknown |
| Type | Thesis |
| Rights | University of Stellenbosch |
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