The forthcoming King V Code of Corporate Governance marks a major milestone in South Africa’s governance landscape. Developed under the auspices of the Institute of Directors in South Africa (IoDSA), King V is set to launch on 31 October 2025, following a national consultation process earlier this year. The draft was released for public comment on 24 February 2025, with submissions closing on 4 April 2025.
Since the first King Report in 1994, the King Codes have shaped South Africa’s reputation for world-class corporate governance. King V updates this legacy for a fast-changing business environment, addressing technological disruption, ESG imperatives, and rising stakeholder expectations. It refines the framework introduced under King IV (2016), aiming to be both more streamlined and practically applicable to organisations of all sizes — from listed companies to state-owned entities and non-profits.
What is changing?
King V maintains the outcomes-based logic that has defined the King framework: ethical culture, good performance, effective control, and legitimacy remain at its core. It strengthens the principle of integrated thinking, encouraging organisations to recognise how economic, environmental, and social factors interact in long-term value creation. To make the Code more accessible, IoDSA has reduced the number of principles from 17 to 12 and introduced clearer disclosure guidance.
The new Code elevates sustainability and human rights within governance, introducing concepts such as impact materiality and referencing ubuntu as a guiding value. A notable addition is the standardised disclosure template, designed to promote consistency and comparability in how organisations report their governance practices. This practical tool will help companies demonstrate alignment with King V’s principles or transparently explain deviations.
What to expect after launch
Although King IV remains in effect for now, IoDSA’s October launch signals a transition period in which organisations should begin assessing readiness for King V. Boards and company secretaries should review internal policies, sustainability disclosures, and digital governance frameworks to ensure alignment once the new Code becomes effective. Further details on the official effective date and phase-in arrangements are expected to be announced alongside the final publication.
While voluntary, the King Codes have long influenced investor confidence, reputational standing, and regulatory engagement. King V extends this tradition by embedding ethical leadership and sustainable value creation more deeply into corporate strategy. Organisations that proactively align with King V’s principles will be well-positioned to demonstrate responsible, transparent, and forward-looking governance in an evolving business landscape. Should you require professional advice in this regard do not hesitate to contact our offices.
