Page 23 - 5.2 i. Manac Finance ITC Summarised Notes

STRATEGY AND GOVERNANCE

NG

Governance

• Past corporate failures and the separation of

ownership and management of an entity are amongst

some of the reasons that have created the need for

adequate and robust reporting.

• Such reporting will assist in ensuring stakeholders are

provided with adequate information on the governance

present within organisations.

• King IV has introduced a change from the King III “apply

or explain” basis to a “apply and explain” basis for the

application of the code. The code now contains 17 basic

principles and the Institute of Directors (“IoD”) lists the

objectives of code as follows (IoD, 2016):

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