The Deloitte Centre for Corporate Governance has produced three articles which may interest you. Introductions and links to the articles have been provided below.
Duties of Directors
The Companies Act codifies the standard of directors’ conduct. The standard sets the bar high for directors, with personal liability where the company suffers loss or damage as a result of the director’s conduct not meeting the prescribed standard. It is important to take note of the requirements of the Companies Act, King III and the JSE that relate to directors and prescribed officers, and to ensure that all directors and prescribed officers are aware of the implication and potential consequences of non-compliance with the Act.
Audit Committee Resource Guide
The Audit Committee Resource Guide provides insight into the leading practices for Audit Committees. The guide can be used to help assess Audit Committee practices, discuss agendas and other considerations, and provides useful tools to facilitate the work of the committee.
Risk Committee Resource Guide
The Risk Committee Resource Guide aims to assist board members of companies in designing, developing, and operating a risk committee. In terms of the King III, it is recommended that the board should assign oversight of the company’s risk management function to a risk committee. The guide provides insight into the leading practices for risk committees. It can be used to help assess risk committee practices and to discuss agendas and other considerations.
The Deloitte Centre for Corporate Governance offers a collection of resources for executives, directors, and those who are active in governance, and can be visited at http://www.deloitte.com/za/corpgov