A new iteration of South Africa’s internationally acclaimed King Codes on Corporate Governance – King V – has been released, replacing King IV in its entirety. It will take effect for financial years starting on or after 1 January 2026, with earlier adoption being encouraged.
The review comes three decades after the first King Report was introduced (in 1994) to promote corporate accountability and ethical leadership in the new democratic South Africa. Named after Prof Mervyn King, the principle-based, voluntary framework has become a global benchmark for governance. It has undergone several revisions to remain fit for purpose: King II (2002), King III (2009), King IV (2016), and now King V (2025). The Institute of Directors in South Africa (IoDSA) owns the copyright of all King Reports.
Why now?
In the country’s turbulent, rapidly evolving business environment, committing to good corporate governance has become essential. “South African organisations needed an up-to-date, robust benchmark for ethical and effective leadership that equips them to respond swiftly to emerging risks, opportunities, and stakeholder expectations while maintaining strategic coherence and adherence to ethical standards,” says Ansie Ramalho, chair of the King Committee on Corporate Governance.
A changed local and global landscape in the nine years since the launch of King IV put a spotlight on the need for a Code to guide organisations in tackling governance challenges related to anything from the climate crisis, geopolitical conflicts, and artificial intelligence to remuneration governance and regulatory changes.
“Our revision had three overarching goals: to align the Code with evolving regulatory and governance developments; to simplify and clarify its structure and content; and to standardise disclosure in support of accessibility, transparency, and consistency,” says Ramalho.
The final King V Report was released months after the King Committee – which consists of industry body representatives and independent experts – rigorously assessed the extensive public commentary received on the King V draft.
What’s new?
King V builds on the foundations of King IV, which simplifies the transition. The revised Code uses plain language and has minimised jargon wherever possible to make the technical content more user-friendly. In line with this, the principles that outline the desired governance objectives have also been simplified and consolidated (from 17 in King IV to 13 in King V).
“Additional refinements include clearer considerations for determining the independence of governing body members and strengthened requirements for independent representation of members on risk and social and ethics committees,” says Ramalho.
The King V Report has been deconstructed into four standalone documents for ease of reference: King V Code, King V Glossary, King V Foundational Concepts, and King V Disclosure Framework.
“Each element is now directly accessible via a single webpage eliminating the need to navigate through a lengthy consolidated document,” says Parmi Natesan, CEO of IoDSA. “The Disclosure Framework – which is now a requirement for any organisation that wishes to claim application of King V – is a gamechanger as it standardises the form and content for corporate governance reporting and will improve transparency, consistency, and comparability.”
King V is also supported with guidance papers to assist with application and implementation.
Together, the documents form a cohesive framework to shape corporate governance in South Africa. “We are very proud of this milestone, which is set to make a positive impact on how good governance, as espoused by King V, will be applied,” says Natesan.