King V, the latest version of the King Codes on Corporate Governance, was released on 31 October 2025. Replacing the King IV in its entirety, the King V will take effect for financial years starting on or after 1 January 2026, although earlier adoption is recommended.
The review comes three decades after the first King Report was introduced (in 1994) to promote corporate accountability and ethical leadership in the new democratic South Africa. Named after Prof Mervyn King, the principle-based, voluntary framework has become a global benchmark for governance. It has undergone several revisions to remain fit for purpose: King II (2002), King III (2009), King IV (2016), and now King V (2025). The Institute of Directors in South Africa (IoDSA) owns the copyright of all King Reports.
Why now?
In the country’s turbulent, rapidly evolving business environment, committing to good corporate governance has become essential.
“South African organisations needed an up-to-date, robust benchmark for ethical and effective leadership that equips them to respond swiftly to emerging risks, opportunities and stakeholder expectations, while maintaining strategic coherence and adherence to ethical standards,” says Ansie Ramalho, Chair of the King Committee on Corporate Governance.
A changed local and global landscape in the nine years since the launch of King IV put a spotlight on the need for a Code to guide organisations in tackling governance challenges related to anything from the climate crisis, geopolitical conflicts and artificial intelligence, to remuneration governance and regulatory changes.
Ramalho says, “Our revision had three overarching goals: i) to align the Code with evolving regulatory and governance developments; ii) to simplify and clarify its structure and content; and iii) to standardise disclosure in support of accessibility, transparency and consistency.”
The final King V Report was released months after the King Committee, which consists of industry body representatives and independent experts, rigorously assessed the extensive public commentary received on the King V draft.
Dr Eric Levenstein 30 May 2025 What’s new?
King V builds on the foundations of King IV, which simplifies the transition. The revised Code uses plain language and has minimised jargon wherever possible to make the technical content more user-friendly. In line with this, the principles that outline the desired governance objectives have also been simplified and consolidated (from 17 in King IV to 13 in King V).
“Additional refinements include clearer considerations for determining the independence of governing body members and strengthened requirements for independent representation of members on risk and social and ethics committees,” says Ramalho.
The King V Report has been deconstructed into four standalone documents for ease of reference: King V Code, King V Glossary, King V Foundational Concepts, and King V Disclosure Framework.
“Each element is now directly accessible via a single webpage, eliminating the need to navigate through a lengthy consolidated document,” says Parmi Natesan, CEO of IoDSA. “The Disclosure Framework – which is now a requirement for any organisation that wishes to claim application of King V – is a gamechanger, as it standardises the form and content for corporate governance reporting and will improve transparency, consistency and comparability.”
King V is also supported with guidance papers to assist with application and implementation.
Together, the documents form a cohesive framework to shape corporate governance in South Africa. “We are very proud of this milestone, which is set to make a positive impact on how good governance, as espoused by King V, will be applied,” says Natesan.
King V is available on the IoDSA website: https://www.iodsa.co.za/king-v
