Financial Reporting & Communications Risk

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Presentation transcript:

Financial Reporting & Communications Risk Corporate Governance

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

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

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

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

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

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