Approach
Unlike most corporate governance codes such as Sarbanes-Oxley, the code is non-legislative, and is based on principles and practices. It also espouses an apply or explain approach, unique to the Netherlands until King and now also found in the 2010 Combined Code from the United Kingdom.
The philosophy of the code consists of the three key elements of leadership, sustainability and good corporate citizenship. It views good governance as essentially being effective, ethical leadership. King believes that leaders should direct the company in order to achieve sustainable economic, social and environmental performance. It views sustainability as the primary moral and economic imperative of this century; the code's view on corporate citizenship flows from a company's standing as a juristic person under the South African constitution and should operate in a sustainable manner.
Read more about this topic: King Report On Corporate Governance
Famous quotes containing the word approach:
“Fishermen, hunters, woodchoppers, and others, spending their lives in the fields and woods, in a peculiar sense a part of Nature themselves, are often in a more favorable mood for observing her, in the intervals of their pursuits, than philosophers or poets even, who approach her with expectation. She is not afraid to exhibit herself to them.”
—Henry David Thoreau (1817–1862)
“... the ordinary is simply the universal observed from the surface, that the direct approach to reality is not without, but within. Touch life anywhere ... and you will touch universality wherever you touch the earth.”
—Ellen Glasgow (1873–1945)
“Do not approach with anything even resembling assurance a restaurant that moves.”
—Fran Lebowitz (b. 1950)