n IMFO : Official Journal of the Institute of Municipal Finance Officers - King 3 : will it strengthen corporate governance?




What does King 3 mean in the Local Government Arena? The concept of corporate governance is often mentioned as the latest "buzz word" with little true understanding of its meaning or intent. Essentially governance is all about transparency and accountability. As the board of an organisation is accountable to their shareholders, our councils and councillors are accountable to the community which they have been elected to. It is management's responsibility to ensure that there is a mechanism or mechanisms in place for the measurement of accountability and transparency. The results of incorporating these principles into our municipalities will ensure that trust is built between local government and their constituents.


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