n Occupational Risk Management - King III Code : comply vs. apply - what's the difference? : compliance

Volume 5, Issue 6
  • ISSN : 1817-6585


One of the subtle changes in the King III draft report released on 25 February is the shift from 'comply or explain' to 'apply or explain'. But what is the difference and why the difference? The King II report was drafted with affected entities in mind. Essentially, these included listed companies, financial institutions and public entities. Private companies and other entities, were urged to comply on a voluntary basis. Many private companies did not regard the King II Code as applicable to them. The framework of 'comply or explain' was applied mainly by listed companies as a result of the requirement for compliance in the JSE listing requirements. In the reports of many companies, it was clear that they complied with those principles that they agreed with or were cost effective, and then did not comply with other principles.

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