Corporate Governance code in South Africa after the adoption of Integrated Reporting. Evidence from the mining industry

The purpose of this paper is to analyze in-depth the principles of the King Code of Governance Principles for South Africa 2009 (King III) in consideration of mandatory drawing up of the Integrated Reporting. The analysis is focused on Integrated Reports of mining listed companies on Johannesburg Stock Exchange. Our results show that all the companies declared their willingness to apply the King III, even when providing evidence of non-implementation or incomplete implementation of some principles. The novelties introduced by the King III, especially in reference to Board composition and responsibilities, are subjecting companies to a range of operating difficulties, and a certain period of time for the full implementation is required. The adoption of the Integrated Reporting therefore represents an important turning point not only in terms of a new business reporting model, but also as a “driver” for potential improvements in corporate governance practices adopted by companies