DB 德意志银行：南非的公司管治

Corporate Governance in South Africa

（147页）2006.12.4　　.pdf

Corporate Governance is Equity Risk：Corporate Governance is a component of equity risk. Beyond the Numbers explores the standards of corporate governance in South Africa, quantifies that risk and highlights stocks we believe to be mispriced by the market ．．．．．

Table of Contents
Executive summary............................................................................4
Beyond the Numbers South Africa 2006 ................................................................................... 5
Linking corporate governance to equity performance............................................................... 5
Our governance findings in South Africa.........................................7
Board independence.................................................................................................................. 7
Defining independence.............................................................................................................. 7
Chairman’s independence ......................................................................................................... 8
Good governance is separating the CEO and Chairman positions ............................................ 8
Independent Chairman and independent directors.................................................................... 9
Board Committee independence............................................................................................... 9
Attendance to Board meetings................................................................................................ 10
Shareholder treatment ............................................................................................................. 11
Information disclosure ............................................................................................................. 12
Corporate compensation ......................................................................................................... 14
Findings at a sector level.................................................................17
Life Assurance ......................................................................................................................... 17
Real Estate ............................................................................................................................... 17
Banks ...................................................................................................................................... 17
Beverages and Packaging........................................................................................................ 18
Food Producers....................................................................................................................... 18
Food Retail ............................................................................................................................... 18
Gold......................................................................................................................................... 18
Platinum .................................................................................................................................. 18
Gaming.................................................................................................................................... 19
Other Mineral Extractors.......................................................................................................... 19
Media and Telecommunications.............................................................................................. 19
Conclusion ............................................................................................................................... 19
Companies with big moves.............................................................20
Comparing SA governance with other markets............................21
Better in some respects… not so great in others ................................................................... 21
South Africa, globalisation and governance..................................23
Opportunities of globalisation and the fear of being left behind ............................................. 23
The globalisation of company governance .............................................................................. 24
The globalisation of regulatory reform..................................................................................... 24
Appendix A: Research methodology..............................................26
Comparing Deutsche Bank’s methodology to the King Code ................................................. 27
Deutsche definition of director independence vs. King definition ........................................... 32
Appendix B: Definitions...................................................................33
Corporate governance factors ................................................................................................. 33
Financial .................................................................................................................................. 36
Accounting checks................................................................................................................... 37
How to read…...................................................................................38
Beyond the Numbers… ...................................................................39
Appendix C: Beyond the Numbers Company Templates.............41
Appendix 1......................................................................................142