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King IV emphasises ‘accessible’ governance

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Johannesburg - The King Committee on Corporate Governance in South Africa this week released its fourth report, which showed that the compilers of the code had baulked at giving shareholders the right to block directors’ remuneration.

The latest version of the report does not give shareholders a binding vote in determining executive remuneration.

Mervyn King, chairperson of the King committee, said shareholders had no responsibility and no liability to the company. “Shareholders are transient.”

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