Stellenbosch University (SU) hosted the King V Roadshow on 12 March 2026, bringing together a distinguished panel of experts to unpack and debate the implications of the recently launched corporate governance report.

King V, the fifth iteration of South Africa’s leading corporate governance framework, was launched by the Institute of Directors in South Africa (IoDSA) and the King Committee of South Africa on 31 October 2025. It replaces King IV and applies to financial years beginning on or after 1 January 2026. The updated code responds to a rapidly evolving governance environment and the new regulatory demands facing boards and governing bodies across sectors.

SU’s School of Accountancy (SOA) hosted the event on behalf of the Centre for Corporate Governance in Africa (CCGA), a body dedicated to strengthening the link between corporate governance, organisational performance, and business ethics. The CCGA in Africa was established in 2007 at the Stellenbosch Business School (SBS), but since 2025 has been residing at both the SBS and the SOA.

The event was presented in partnership with (IoDSA) and the South African Institute of Chartered Accountants (SAICA).

Attendees included members of the IoDSA and SAICA, alumni, staff and stakeholders from the SBS and the SOA, SU staff and leadership, representatives of the CCGA governing board and management committee and members of student leadership at SU.

From theory to practice

The panel discussion, facilitated by Parmi Natesan – a King Committee member, CEO of IoDSA, Chartered Accountant SA and Chartered Director SA – explored what boards need to know, what governance leaders should start preparing for and how King V can be embedded across sectors to build trust and long-term value.

Natesan emphasised that the roadshow aims to move the conversation beyond theory and towards practical application.

“King V is not meant to sit on a shelf,” she said. “It is meant to shape boardroom conversations, influence decisions and strengthen trust in our institutions.”

Opening the discussion, she asked panellists what they considered the most significant development in the new code.

Growing momentum in governance

Ansie Ramalho, Chairperson of the King Committee and an IoDSA facilitator and Chartered Director SA, said one encouraging development has been the renewed interest in governance codes.

“We may have different views on how effective the codes are, or how far they should be incorporated into legislation and enforced by regulators,” she said. “But keeping the conversation alive is a very important starting point.”

According to Ramalho, the demand for training and engagement around the new code has been remarkable.

“We can hardly keep up with requests for talks and training,” she noted, “and there is certainly no sign that the interest is letting up.”

Ramalho also highlighted the disclosure framework in King V which she said is very concrete and specific and requires only one specific disclosure – the one relating to practices.
“For any practices that have not been implemented, organisations must clearly state the practice, provide the rationale for not implementing it, and, where applicable, outline the mitigation measures put in place to still achieve the intended objective of the principle,” she explained.
She added that the remaining disclosure requirements are relatively straightforward to apply. “On matters such as board composition, for example, we repeat what was in King IV. In certain places, certain statements are required.”

Early signs of adoption

Richard Foster, also a King Committee member, IoDSA facilitator and Chartered Director SA, said one of the early concerns was whether the market would embrace the report or see it merely as another governance code that adds to compliance costs.

“However, people are increasingly recognising that governance matters and that the code can be a value driver for organisations,” he said.

While it remains early in the implementation phase, Foster said initial indications are positive.

“The early signs around adoption are encouraging,” he said. “In fact, they are quite different from the reticence we saw when King III and King IV were introduced.”

Rising confidence in governance

Milton Segal, Executive: Standards at SAICA and a Chartered Accountant, said they have noticed an awareness of the new code among their members.

“Our members, particularly those in business, are keen and happy to implement the code,” he said. “The feeling is that it is quite tangible – that you can get a feel for it. That has taken away some of the regulatory-type anxiety. We are in a highly regulated environment with significant compliance requirements, but the code is being seen as something that assists organisations in understanding what good governance requires.”

Why King V was released now

Responding to a question about why the report was released before certain legislative and regulatory developments relating to the Companies Act and sustainability reporting standards had been finalised, Ramalho said:

“We still don’t know when the changes to the Companies Act will become effective, and although there is a lot of movement around incorporating sustainability reporting standards into regulation, we don’t know exactly when that will happen or what it will look like,” she said.

“There were discussions about holding back until those changes were finalised, but in the end, we decided to proceed with King V. Our approach has been not to be prescriptive, but rather to place the responsibility on governing bodies and boards of directors to make the critical decisions.”

Boards, she explained, must decide which reports organisations should produce — whether stakeholder, sustainability or integrated reports — and take responsibility for approving them.

“I believe that is the right approach because it places the responsibility for these decisions where it belongs,” she said.

Governance beyond compliance

Ramalho concluded by reflecting on how she hopes King V will influence the future of governance, emphasising that it should not be viewed purely as risk management or compliance.

“I would like to see a different attitude towards governance and how leaders exercise their authority. We need leaders who are not only ethical, but also effective – leaders who are strategic and able to navigate a complex and uncertain environment. Governance should not only be compliance-driven; it must also enable organisations to create value.”

Acknowledging partners

Closing the event, Prof George Nel, Head of the Centre for Corporate Governance in Africa and Deputy Director Research in the School of Accountancy, thanked the SOA and SAICA for their financial support. He also emphasised the importance of strategic partnerships and collaboration between the IoDSA, SAICA, academics, practitioners and centres like the CCGA.