Eight valuable lessons for body corporate trustees from the King IV report

The King IV Report on Corporate Governance for South Africa, 2016 (“King IV Report”) is a set of voluntary principles and practices that provide a framework for good governance. Many organisations widely adopt these principles, including sectional title schemes, to enhance their governance standards and promote trust among stakeholders.

The King IV Report offers valuable guidance and lessons for trustees within sectional title schemes. By following its principles, scheme executives can ensure transparency and accountability, and protect the collective interests of property owners and other stakeholders. The King IV Report’s principles can help trustees nurture well-governed and harmonious communities, and provide an effective roadmap for their journey as board members.

Advocate Jade Adair, the Manager of the Commercial Department at STS, delves into the valuable lessons that trustees in sectional title schemes can learn from the King IV Report. These include:

1. Ethical Leadership and Accountability
2. Effective Risk Management
3. Owner Engagement and Communication
4. Financial Management and Reporting
5. Conflict Resolution and Dispute Management
6. Sustainable Development
7. Technology and Innovation
8. Continuous Learning and Improvement

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