Governance Code

King V 2025

South Africa's definitive corporate governance code, apply-and-explain for all organisations.
13 principlesApply-or-explainAll SA organisationsJSE mandatory

The requirements

King V is the fifth edition of South Africa's King Report on Corporate Governance, updated in 2025. It applies on an apply-and-explain basis to all organisations, from start-ups to JSE-listed entities. It covers 13 governance principles across leadership, ethics, strategy, risk, remuneration, sustainability, and stakeholder relationships.

Leadership & Ethics
Board composition, director duties, ethical culture, conflict of interest, fit-and-proper assessments
Strategy & Value Creation
Strategic oversight, business model sustainability, integrated thinking, long-term value creation
Risk Governance
Risk appetite, three-lines-of-defence, combined assurance, material risk identification
Remuneration
Remuneration policy, implementation report, advisory vote, fair and responsible pay
Sustainability & Climate
ISSB-aligned disclosure, material sustainability matters, climate risk and opportunity reporting
Technology & AI
Digital transformation oversight, AI governance frameworks, cybersecurity accountability at board level

Mapped in Encircle

This framework contributes to the following governance domains in your Encircle score:

D01 StrategyD02 LeadershipD03 RiskD04 ComplianceD05 EthicsD06 EnvironmentD07 StakeholdersD08 TechnologyD09 AI & DataD10 PeopleD11 AssuranceD12 Remuneration
How Encircle maps this framework

Encircle maps all 13 King V principles to the 12 governance domains. Your wheel shows your King V alignment score in real time. Every apply-or-explain gap generates an assigned remediation task with specific guidance on how to close it. A King V Alignment Report is generated directly from your evidence for inclusion in your integrated report.

Your King V 2025 readiness score

Encircle tells you when you are King V Aligned, meaning your evidence demonstrates compliance with all 13 principles on an apply-or-explain basis. This is governance readiness, not a certification. You then engage a governance assurance provider or external auditor to provide independent confirmation.

King V 2025, scored

The same organisation seen through the King V 2025 lens. Red is where the exposure is. Switch lens to see how the picture changes under another framework.

DirectionHow we directRisk & AssuranceHow we provePerformance & InnovationHow we deliver future valueEthics & CultureWho we areLeadershipStrategyRemunerationRiskComplianceAssuranceEnvironmentTechnologyAI & DataEthicsStakeholdersPeopleKing V70%GOV SCORE
FSG
Financial Services Group (Pty) Ltd
Financial services · 350 employees · JSE-listed
70%
Overall

Select a framework

King V (2025): strong on leadership and ethics, but the Disclosure Framework pack isn’t published yet (required to claim application of the Code) and AI governance under Principle 10 is untested.

Domain breakdown, by pillar
Direction81%
Leadership
80%
Strategy
78%
Remuneration
85%
Risk & Assurance67%
Risk
64%
Compliance
70%
Assurance
68%
Performance & Innovation52%
Environment
52%
Technology
60%
AI & Data
45%
Ethics & Culture79%
Ethics
84%
Stakeholders
74%
People
79%

Ready to track your King V 2025 readiness?

Request early access and get your King V 2025 score in your first session.

Book a demo

Tell us about your organisation.

Tell us a little about your organisation and we’ll walk you through Encircle against the frameworks that actually apply to you.

Early sign-on offer
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