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King V Report on Corporate Governance

for South Africa

King V, the fifth iteration of South Africa’s corporate governance reports, was released on 31 October 2025 by the Institute of Directors in South Africa and the King Committee of South Africa. It supersedes King IV and is effective for financial years beginning on or after 1 January 2026, with early adoption encouraged.

The release of King V comes nine years after King IV, during which the governance landscape has shifted dramatically. Organisations today face intensifying challenges. At the same time, new regulatory developments have raised expectations of boards and governing bodies. King V responds to these realities by:

  • Aligning with recent legislative reforms and global governance and reporting developments.
  • Simplifying the Code’s language, structure and presentation to make it more accessible and practical across sectors.
  • Standardising disclosure requirements through a dedicated King V Disclosure Framework, promoting consistency and comparability across organisations.
  • Refining principles and practices.
Together, these updates position King V as a robust, forward-looking Code to guide ethical and effective leadership in South Africa. Read more about the King V Background Objectives and Key Changes and view King V on a Page.

King V Report

King V Foundational Concepts

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King V Code

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King V Glossary

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King V Disclosure Framework

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King V Podcast Interviews

Interview 1: Objectives and changes of King V | Ansie Ramalho  Interview 2: The beginning of King | Mervyn King  Interview 3: Role and responsibility of King | Reuel Khoza
Interview 4: Ownership of King | Parmi Natesan Interview 5: Regulation, monitoring and the Disclosure Framework | Andre Visser Interview 6: Reporting, double materiality and sustainability standards | Mohamed Adam
Interview 7: Stewardship, CRISA and shareholder responsibility | Richard Foster Interview 8: The evolution of ethics in governance | Deon Rossouw

Listen to every episode of King V Conversations, available on all major podcast platforms.

King V Endorsers

History of the King Committee

The King Committee was formed in 1992 at the instance of the Institute of Directors in Southern Africa (now the Institute of Directors South Africa) (IoDSA), following a decision reached at an IoDSA Council meeting on 18 July 1992, where it was agreed that there was a need for a committee to consider and address corporate governance for South Africa. It resolved that former Judge Mervyn King be approached to chair the committee.

The IoDSA obtained the support of the South African Chamber of Business (now the South African Chamber of Commerce and Industry), the Institute of Chartered Secretaries and Administrators (now the Chartered Governance Institute of Southern Africa), the South African Institute of Chartered Accountants, the Johannesburg Stock Exchange (now JSE Limited), and The Ethics Institute of South Africa.

The King Committee was formed as a consequence of these developments and has since remained a standing committee that has met at least once each quarter. As a result, brand awareness and credibility have developed around the work of the King Committee that is invaluable for continuity purposes and the promotion of its objectives.

Role of the King Committee

The Committee’s role is to develop and advance standards of corporate governance for South Africa for the benefit of the country, its economy, natural environment and its people, and to endeavour to influence corporate governance developments internationally. 

In fulfilling its role, the objectives of the Committee are:

  • Influencing and shaping the agenda for corporate governance in South Africa;
  • Issuing reports and codes of sound governance principles and practice for South Africa(“Reports and Codes”);
  • Providing guidance on the interpretation and implementation of the aforementioned Reports and Codes, primarily through Practice Notes;
  • Researching and producing commentary on legislation and other governance developments including codes, bills, and other relevant documents and papers;
  • Remaining attuned to the South African corporate governance landscape, including relevant court judgments, through stakeholder engagement and other activities; and
  • Keeping abreast of, providing input to and leveraging international corporate governance and other relevant developments.

 

Composition of the King Committee

The King Committee consists of representative members (who represent and provide input on behalf of selected key stakeholder organisations in the governance landscape) and independent members who are technical experts on corporate governance (who provide input and speak on behalf of themselves).

The Institute of Directors in South Africa serves as convener of the King Committee.

Key role-players include:

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Ansie Ramalho

King Committee Chairperson

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Mohammad Adam

King Committee Deputy Chairperson

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Parmi Natesan

King Committee IoDSA representative


Other organisations represented on the King Committee include:
  • The Ethics Institute
  • Companies and Intellectual Properties Commission
  • South African Institute of Chartered Accountants
  • The Chartered Governance Institute of Southern Africa
  • The South Africa Reward Association
  • The Prudential Authority
  • National Treasury
  • Financial Conduct Sector Authority
  • Institute of Internal Auditors South Africa
  • Law Society of South Africa
  • Association of Fraud Examiners: SA Chapter
  • Institute of Risk Management South Africa
  • Johannesburg Stock Exchange
  • Auditor General of South Africa
  • Independent Regulatory Board for Auditors

King Committee's Terms of Reference