The JSE and the King corporate governance committee have two options: they can cling to their narrow self-protectionist stance in the increasingly desperate hope that government will continue to be ineffective, or they can attempt a little boldness on the thorny matter of executive pay.As things stand, less than one week away from the launch of King 4, it seems the committee may have taken the low road. In the absence of last-minute changes to the draft released several months ago, the new King code on corporate governance may end up as flabby on the issue of executive pay as its predecessor. It would be a tragedy, as this risks becoming the issue that will define a report that, otherwise, has many outstanding features.Those intimately involved in the governance industry — auditors, governance advisers and executives — may be impressed by such things as the detailed insights into all five lines of assurance, as well as the descriptions of the values of a company.But the wider public...
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