The Evolution And Enlightenment Of The Corporate Governance System In South Africa

The evolution of corporate governance system in South Africa is closely related to itsspecial historical and cultural environment, market economy and the internationalinfluence. Along with its increased participation in the global economy, more and moreinvestors are increasingly concerned about the corporate governance system in SouthAfrica. The evolution of Corporate governance system in South Africa has experiencedseveral different stages: from the establishment of Institute of Directors in South Africa tothe published King report, which marks the rudiment stage of the evolution of Corporategovernance system in South Africa; while after the King Ⅱ,King Ⅲ and BBBEEpublished, which is the development stage of the evolution of Corporate governancesystem in South Africa,however, the provisions of the corporate governance in Kingreport is in non-legislative form, which is abide by the principle under no mandatoryprovisions, while there are mandatory provisions on corporate governance systemprovided by the Companies Act in2008, Companies Amendment Act in2011, andcompany regulations, which marks corporate governance system in South Africa has asignificant development.The background of evolution of corporate governance system in South Africa cantakes the King report as the demarcation point during the period, the budding stage forthe corporate governance system in South Africa is the "King report" stage, which is innon legislative form, and we can tell the new tendency from the content of Corporategovernance in King, KingⅡ and king Ⅲ;at the same time, the provisions provided inBBBEE influencing the development of the corporate governance in South Africa,which plays an important role in the period, thus influence the foreign investors in SouthAfrica to make investment. As comes to the development stage when the company lawpublished, it introduces the organizational structure and the shareholder relief system, andthe changes in the corporate governance in the process of the reform of company law inSouth Africa, which will enable us to have a deeper understanding of the corporategovernance system. The process of the evolution of corporate governance system in SouthAfrica and its new trend brings us enlightenment which will help put forwardcorresponding suggestions to the enterprises in China on its investment in South Africa.