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Analysis > Analysis and Strategy

King IV extends application to retirement funds

David Geral, Partner, Banking & Financial Services Regulatory, Bowmans
Dec. 1, 2016, midnight
614

Word count: 1664

The King (IV) Report on Corporate Governance for SA, 2016 (King IV) refers to certain “paradigm shifts in the corporate world”, including a shift from short-term capital markets to long-term, sustainable capital markets.  The report also notes that the King Committee was requested by many entities outside the private sector to draft the King IV Report in such a way as to make it more easily applicable to all organisations:  public and private, large and small, for- profit and not-for-profit.  As a result, in order to make it easier for all organisations to use the King IV Report as a guide for good governance, King IV introduces “sector supplements” for the first time.  Part 6.4 of the report is entitled “Supplement For Retirement Funds”, and  it is applicable to all retirement funds, including pension funds, provident funds, preservation funds and retirement annuity funds, so that for the first time retirement fund governance is directly addressed by the King Committee.

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