King V: The renewal of a governance philosophy with deeper wisdom

THE EVOLUTION of governance in South Africa has always carried a sense of moral purpose. Each King Code has reflected the spirit of its time, interpreting how ethical leadership, accountability and value creation should find expression in a changing world. The latest iteration continues that tradition. It is less a new chapter than a renewal of the same idea: that governance is a living practice, shaped by conscience as much as by compliance. It extends the life of King IV by deepening its wisdom.

- Ngobani Mzizi is a Professional Accountant (SA), Cert.Dir (IoDSA) and an Academic. The views expressed do not necessarily reflect the views of IOL or Independent Media.

King IV reframed governance as outcomes-based and principle-driven. It moved organisations beyond mechanical adherence to rules and towards a consciousness of purpose.

Over the years, the four outcomes - ethical culture, performance and value creation, conformance and prudent control, and legitimacy - have become the vocabulary of good governance. The new Code preserves this structure but enriches its meaning.

This is evident in its streamlined form. Where King IV had 17 principles, the new framework consolidates them into 13, sharpening focus on the essential domains of governance. The refinement recognises that the environment in which boards operate has changed profoundly. Complexity, technology and social expectation have reshaped what responsibility looks like.

Reading the Code, one senses a quiet assurance. It does not announce reform but invites reflection. It begins again where governance always begins, with the character of leadership. Governing bodies are reminded that ethical and effective leadership remains the foundation of everything else. The traits of integrity, competence, responsibility, accountability, fairness and transparency (ICRAFT) are not decorative ideals; they are the daily disciplines through which trust is earned. In an age of institutional fatigue, that reminder feels essential.

The Code also refines the language of governance itself. It uses plain words to bring accessibility and depth to familiar ideas. It replaces the abstraction of "capitals" with "resources and relationships," returning governance to human scale. It speaks of the economy, society and the natural environment as the context within which organisations exist, acknowledging that value cannot be separated from the systems that sustain it. These choices are not cosmetic. They recognise that governance must be understood, not merely cited.