As King III was drafted using the Companies Act as a baseline, there should theoretically not be conflicting provisions between the Act and King III. However, considering their respective purposes, one regulating a wide range of aspects regarding companies and the other being a code of good governance, it is not surprising that certain topics are expanded on in more detail in either the Act or in King III.
Compliance with the Act therefore does not necessarily result in compliance with King III, and vice versa. Furthermore, King III was released well in advance of the enactment of the Amendment Act and the Regulations and would therefore not have taken provisions in either the Amendment Act or the Regulations into consideration.
In this publication, we compare the provisions of the Act and King III, as they pertain to boards of directors and committees.
In this issue: