He viewed this as an opportunity to educate the newly democratic South African public on the working of a free economy.
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.
King believes that leaders should direct the company to achieve sustainable economic, social and environmental performance.
It established recommended standards of conduct for boards and directors of listed companies, banks, and certain state-owned enterprises.
In addition to those types of organizations listed in King I, it was applicable to departments of State or national, provincial or local government administration falling under the Local Government: Municipal Finance Management Act, and public institution or functionary exercising a power or performing a function in terms of the constitution, or exercising a public power or performing a public function in terms of any legislation, excluding courts or judicial officers.
[14] "There have been significant corporate governance and regulatory developments, locally and internationally, since King III was issued in 2009 which need to be taken into account.
The Institute of Directors in Southern Africa (IoDSA)[17] is the custodian of the King reports and the holder of their copyrights.
Ansie Ramalho from the IoDSA, with the assistance of Parmi Natesan and Julie Dixon, leads the project management of the redrafting process and serves as the editor of the various drafts.