Country : United Kingdom
Assignment Task:

Learning Outcomes:

a)   Identify a research topic, develop aims and objectives justified through reference to appropriate literature.
b)   Critically analyze a wide range of literature in accounting and finance.
c)   Synthesize and critique the different methodological frameworks that influence research to inform and justify a research methodology.
d)   Collect, analyze and interpret data in the context of existing literature.
e) Develop independent working and project management skills.

Employability & Changemaker Skills
f)    Initiate a reflective and independent approach to learning in managing an extended project.

g)   Communicate information and present complex arguments, clearly and accurately in a manner suited to an academic audience.

 Background

South Africa experienced socio-economic and political changes in the late 1980s’ and early 1990s’ (Ntim, 2009) as the apartheid era came to an end through extensive negotiations. Part of the economic changes that were being crafted included improving how entities are governed. South Africa’s efforts at improving its corporate governance were also at the same time with other developed countries in enhancing the efficacy of corporate governance around the world (Rossouw, et al., 2002). The international response to develop legislation, regulations and/or codes to guide corporate governance in different jurisdictions had been a direct response to scandals that led to the failures at Enron, Parmalat, Tyco, Worldcom, etc. These company failures have been largely attributed to the breakdown in corporate governance within these entities (Cadbury Committee, 1992, para 1.9;  Jones and Pollitt,  2004). 
As a response to all these scandals, South Africa through the Institute of Directors Southern Africa set up a committee that was chaired by retired Judge Mervyn King (Ntim, 2009). The committee issued its first report in 1994 which is the Code of Corporate Governance and popularly referred to as King I report. Enhancements and improvements have been made to the original report and reports issued/published in 2002, 2009 and 2016 which are referred to King II, King III and King IV reports respectively. The Code of Corporate Governance is required to be mandatorily implemented for all public entities and any listed entities on the Johannesburg Stock Exchange (King Committee, 1994, 2002, 2009, 2016). 
South Africa has recently experienced scandals of its own at the Public Investment Corporation (PIC), VBS Mutual Bank, African Bank, and Steinhoff. This has called into question if the corporate governance principles being followed are safeguarding the interests of owners of the entities. Research about the board leadership, composition, and the audit committees has been in the spotlight as the scandals are supposed to be prevented by these governance principles in place. 

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  • Posted on : April 18th, 2019
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