SA corporate governance still underdeveloped – Fitch

by Business Day, January 20, 2010.

Fitch Ratings said in a report published today that South African corporate governance practices were considered relatively mature in comparison to emerging market peers, however they remained underdeveloped by international market standards.

The ratings firm Fitch said that further improvements in South African corporate governance are required, “especially regarding transparency and disclosure of interim financial reporting, and related-party transactions and internal audit processes.”

“South African corporate governance practices have improved in recent years, but significant further improvement is still required to meet the King III corporate governance guidelines published on September 1, 2009.

However, this is expected to be a gradual process,” said Roelof  Steenekamp, director in Fitch’s South African corporate team…(continue reading)

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