The King III business recommendations provide governance guidelines for business rescue provisions as contained in Chapter 6 of the Companies Act No. 71 of 2008.
The recommendations are contained in King III Practice Notes: Guidance on business rescue, which is copyrighted to the Institute of Directors, and published in September 2009.
The King Code of Governance for South Africa, 2009 was originally understood to come into effect on 1 March 2010 but it then seemed that listed companies need to comply from 1 March 2010 onwards (Cohen, 2010). The Code is written for application by all entities regardless of their manner of incorporation and whether public, private or non-profit.
The purpose of this section is to:
Given that the King III Practice Notes: Guidance on business rescue was published prior to business rescue regulations and the Companies Amendment Bill, 2010, an update on the implications of new business legislation for corporate governance is required once legislation and regulations are finalised.
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King III - Business rescue (Chapter 10). (2010). PricewaterhouseCoopers.
King, M. (2009, September 1). King III Code of Governance for South Africa. Institute of Directors.
King, M. (2009, September 1). King III Report on Governance in South Africa. Institute of Directors.
Cohen, T. (2010, August 30). JSE Allows a Year’s Grace to Apply King. BusinessDay.