1. Financial Reporting & Communications Risk
Corporate Governance

2. What is transparency
Allowing others to see the truth about a company without hiding things or altering facts to show the company in a better light
The ability of third parties to process & understand information about the company
It is critical to the credibility of a company

3. King III – Financial Reporting
Complete, timely, relevant, accurate, honest & accessible info must be given to stakeholders
Language must be clear & understandable
Board should adopt responsible communications programme
Board should consider disclosing PAIA requests in report
Audit committee should review & comment on financial statements in annual report
Board should ensure timely risk disclosure to stakeholders

4. King III – Risk management
Board should develop risk management policy
Board should approve risk management policy & distribute throughout company
Board should delegate responsibility for risk management plan to management
Board should monitor risk management plan
Board should determine risk tolerance
Internal audit to assess effectiveness of risk management plan

5. Transparency in reporting
Complete, timely, relevant, accurate, honest & accessible info must be given to stakeholders
King III
Company is corporate citizen with responsibility to stakeholders
Effective communication with all stakeholders
Level of transparency
Include forward looking information

6. Whistle Blowers Protected Disclosures Act, 2000
Section 159 of Companies Act, 2008
Protected disclosure if made in good faith

7. Statutory Records & Reports
Companies Act
Duty to maintain records – registers, minutes etc
JSE Listed companies
Duty to disclose
SENS, annual report etc
King III
Integrated report
PAIA