Abstract
Owing to global changes in the field of corporate governance and corporate law reform in South Africa, corporate governance has become an important aspect of the way in which corporations are doing business. Corporate governance is the collection of law and practices that is grounded in the fiduciary duties of directors. It regulates the conduct of those in control of the corporation. An important aspect of corporate governance is the establishment of structures and processes that enable directors to discharge their legal responsibilities. This article investigates corporate governance principles in South Africa and explores the importance of the role and duties of directors in the promotion of corporate governance principles.
Highlights
Corporate governance is not a new or unique phenomenon in South Africa
South Africa published the first King Report in 1994,1 which was followed by the King Report on Corporate Governance for South Africa in 2002.2 When taking cognisance of King II it must be emphasised that the 19th century was the century of the entrepreneur in that the foundations of what corporations currently look like were laid down
According to the policy paper competitiveness and development of the South African economy should be promoted by company law
Summary
Owing to global changes in the field of corporate governance and corporate law reform in South Africa, corporate governance has become an important aspect of the way in which corporations are doing business. Corporate governance is the collection of law and practices that is grounded in the fiduciary duties of directors. It regulates the conduct of those in control of the corporation. An important aspect of corporate governance is the establishment of structures and processes that enable directors to discharge their legal responsibilities. This article investigates corporate governance principles in South Africa and explores the importance of the role and duties of directors in the promotion of corporate governance principles
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