What are King Committee’s guidelines regarding Integrated Sustainability Reporting also explain guidelines related to relations with shareholders.
On 1 September 2009 the King Code of Governance Principles for South Africa (“King III”) was released. This document, a follow on to King I and King II, arose directly as a result of the intended introduction of a new Companies’ Act no 71 of 2008 in South Africa. The King reports, prepared and issued by the King Committee, are internationally regarded as being at the forefront of corporate governance.
One of the significant recommendations of King III is that not only should organisations adopt and implement sustainability reporting but they should go a step further. As stated by Mervyn E King, (King Committee Chairman) in his introduction to King III “Sustainability is, however about more than just reporting on sustainability. It is vital that companies focus on integrated performance.” It is thus that King III introduces the concept of integrated sustainability performance and integrated reports into South African Corporate Governance principles.
In addition, the Johannesburg Stock Exchange Limited (“JSE”) has incorporated King III into its listings requirements. This is putting South African listed organisations in the position where, with effect from financial years commencing on or after 1 March 2010, they are required to issue an integrated report. If they do not do so they will be required to explain why not. The question now arises as to what Integrated Reporting is and what guidelines exist which organisations can follow.
Many organisations currently report financial information in the form of statements of financial position, comprehensive income, changes in equity and cash flow statements. These are presented in terms of existing commonly used frameworks such as International Financial Reporting Standards (“IFRS”). In addition, a number of frameworks have developed around sustainability reporting. Examples of these are the Sustainability Reporting Guidelines issues by the Global Reporting Initiative (“GRI”) and the criteria set out by the JSE in the JSE Social Responsibility Index.
King III defines integrated reporting as “a holistic and integrated representation of the company’s performance in terms of both its finance and its sustainability.” Currently however, no definitive framework exists for Integrated Reporting although a number of initiatives are attempting to develop such a framework.
One of these is the Integrated Reporting Committee (“IRC”) of South Africa. The IRC is made up of representatives from a number of Professional Bodies in South Africa and is chaired by Professor Mervyn King, the chairman of the King Committee.
The initial objective of the IRC, given the requirement for JSE
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