The King V Report on Corporate Governance for South Africa is the latest evolution in the country’s corporate governance framework, succeeding King IV. It was released by the Institute of Directors in South Africa (IoDSA) and the King Committee, they say, in response to a complex and rapidly evolving global governance landscape.
King V Guidance
The King V Report was released on 31 October 2025 and is effective for financial years beginning on or after 1 January 2026, with early adoption encouraged. It aims to position the Code as a robust, forward-looking guide for ethical and effective leadership.
The guidance fundamentally responds to the dramatic shifts in the governance landscape since King IV (2016), particularly in light of intensifying organisational challenges and higher expectations placed on boards by new regulatory developments.
Key Focus Areas and Concepts within King V
While the core principles of King IV- such as ethical leadership and integrated reporting remain foundational, King V enhances the framework by focusing on:
- Alignment with Global and Local Developments: The Code has been updated to align with recent legislative reforms in South Africa and major global governance and reporting developments, ensuring it remains relevant on the international stage.
- Double Materiality and Sustainability: As suggested by the supplementary resources and podcast topics, King V likely places a greater emphasis on advanced sustainability standards and the concept of double materiality – which considers both the financial impact of sustainability issues on the organisation, and the organisation’s impact on the economy, environment, and people.
- Enhanced Stewardship: The report refines guidance on the role of boards and governing bodies in exercising stewardship, including their responsibilities related to shareholder engagement and the principles outlined in the Code for Responsible Investing in South Africa (CRISA).
Differences Between King V and King IV
King V differentiates itself from its predecessor, King IV, through structural and content refinements designed to improve clarity, consistency, and alignment with modern global standards.
| Feature | King IV (2016) | King V (2025) |
| Disclosure Requirement | Disclosure encouraged alongside the application of principles, but lacked a rigid structure. | Standardised King V Disclosure Framework introduced. |
| Disclosure Impact | Consistency and comparability of reporting could vary significantly between organisations. | Promotes consistency and comparability across all sectors via the dedicated Framework. |
| Accessibility and Usability | Language and structure could be perceived as complex for certain sectors. | Simplified language, structure, and presentation to make it more practical and accessible across various sectors (e.g., SMEs, NPOs, Municipalities). |
| Regulatory Alignment | Aligned with the regulatory environment up to 2016. | Updated to align with recent legislative reforms and current global governance and reporting developments. |
| Focus on Sustainability Reporting | Introduced integrated thinking and reporting. | Likely incorporates more specific guidance on new concepts like Double Materiality and adherence to evolving international sustainability reporting standards. |
The King V Conversations series, offers insights into the new Code’s design, objectives, and impact.
We’ve included here a summary of the insights and quotes from the prominent figures in the King V podcast interviews, but recommend you check-out the podcast, linked below;
1. Ansie Ramalho (King Committee Chairperson)
As the Chair, Ansie Ramalho focused on the necessity of the revision and the overarching strategic goals of King V.
Main Insights:
- Responding to Complexity: King V was necessary to guide organizations through a dramatically changed landscape, citing challenges like the climate crisis, geopolitical conflict, artificial intelligence, and evolving remuneration governance.
- Three Overarching Goals: The revision aimed to simplify and clarify the Code, align it with new regulatory and governance developments, and standardize disclosure.
- Key Refinements: King V includes clearer criteria for determining the independence of governing body members and strengthened requirements for independent representation on risk and social and ethics committees.
According to Ansie, “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.” “Our revision had three overarching goals: i) to align the Code with evolving regulatory and governance developments; ii) to simplify and clarify its structure and content; and iii) to standardise disclosure in support of accessibility, transparency and consistency.” “Corporate governance is a critical tool for strengthening public and private institutions, to the benefit of the entire economy.”
2. Parmi Natesan (IoDSA CEO)
Parmi Natesan focused on the practical implementation, accessibility, and the revolutionary King V Disclosure Framework.
Main Insights:
- The Disclosure Framework is a “Gamechanger”: This is arguably the most significant structural change. By making the Disclosure Framework a requirement for claiming King V application, it standardizes corporate governance reporting.
- Enhanced Accessibility: King V is presented in a deconstructed format (four standalone documents: Code, Glossary, Foundational Concepts, and Disclosure Framework) to make the content easier to reference and apply.
Parmi said that “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 compa1rability.” “Each element is now directly accessible via a single webpage, eliminating the need to navigate through a lengthy consolidated document.”
3. Mohamed Adam (King Committee Deputy Chairperson)
Mohamed Adam’s episode centers on changes in reporting, particularly surrounding sustainability.
Main Insight:
- Double Materiality: King V explicitly advocates for sustainability disclosures to be grounded in “double materiality.” This requires boards to consider not just how sustainability issues impact the company (financial materiality), but also how the company’s operations impact the economy, society, and the environment (impact materiality). This is a critical alignment with global reporting standards like the ISSB (International Sustainability Standards Board).
4. Andre Visser (King Committee JSE Representative)
Andre Visser’s episode dealt with the balance between the voluntary nature of the King Codes and the mandatory aspects of disclosure.
Main Insight:
- Regulatory Balance: The discussion likely focused on how the Code maintains its principle-based, “apply and explain” philosophy, while still ensuring accountability through the introduction of the standardized Disclosure Framework. This is vital for listed companies, where the JSE (Johannesburg Stock Exchange) plays a key role in monitoring governance application.
You can find all this information, and more on the IOD South Africa website. If you have any comments and would like to discuss, head into the Discussion Forum and join conversation!
While the KingV Guidance could be considered more relevant to South Africa, the International Standard ISO37000, which was heavily influenced by KingIV provides an excellent, and uncomplicated approach for organisations seeking to improve their Governance practices. More information can be found here. Training on this ISO standard is available here (Executive Level ) and here (management level)
