| The King Reports have always been synonymous | | | | that platform to ensure that the messages they share |
| with best business practice - from risk management, | | | | with stakeholders have outcomes-based messages. |
| internal auditing, compliance, performance | | | | Future opportunities |
| assessments, boards and committees, and more. The | | | | Recognising the importance of stakeholder relations at |
| revised King Report III on Governance for South Africa | | | | a strategic level within the profession also boosts the |
| was launched on 1 September 2009 and introduces a | | | | argument that students in corporate communications |
| code of corporate governance that includes the | | | | need to be exposed to better business acumen at a |
| regulation of the role of stakeholder relations. King | | | | basic level before entering the working environment. |
| Report III came into effect and replaced the existing | | | | Stakeholder relations is not about publicity alone, but |
| King II on 1 March 2010. | | | | rather an integrated web of communication tools and |
| This review of King II has come about because of | | | | applications to a varied, and often high-level audience. |
| changes in international governance trends and the | | | | It also extends far beyond public relations, to include |
| reform of South Africa's company laws (with the | | | | the critical components of internal communication and |
| Companies Act of 2008 expected to come into effect | | | | internal branding. Many would argue, and I believe rightly |
| on 1 July 2010). Globally, corporate governance is | | | | so, that communication and branding is in fact an |
| increasingly being challenged because of the economic | | | | inside-out approach as opposed to an outside-in |
| downturn and the consequent corporate failures. | | | | approach. It is important to provide internal |
| A boost for the role of communications | | | | stakeholders with the relevant tools and knowledge, so |
| Section eight deals extensively with the role | | | | they are aligned to the goals of the organisation when |
| Stakeholder Relationship Management and promotes | | | | facing the outside world. It is also critical to message |
| the importance of two-way communication between | | | | uniformity through the ranks. |
| an organisation and its various stakeholders. | | | | King III provides a window of opportunity to unleash the |
| Communication managers now have the opportunity | | | | true potential and help in the positioning of |
| to drum up boardroom support for their profession and | | | | communications within the South African corporate |
| meaningfully integrate it into business practices. | | | | landscape to meet sustainable business objectives and |
| While the role of communications is sometimes seen | | | | find legitimacy for the role within a company. |
| as something any junior entrant into an organisation | | | | Locally, business communicators seem to be |
| can do, the entrenchment of stakeholder relations | | | | embracing these challenges, as they focus on the |
| within the framework of the King Report III and the | | | | important fundamentals around engaging stakeholders |
| alignment of the role to business objectives could | | | | and the consequent business impact such |
| provide a greater impetus to pay credence to the | | | | communication has. More forums to address |
| profession. | | | | communication at a business level, and greater |
| King Report III proves that there are strong | | | | involvement from trade thought leaders, will ensure |
| expectations from senior management with regards to | | | | that the industry and profession successfully navigates |
| the role of corporate communications and the need | | | | through the obstacles of the next decade. These |
| for it to be managed strategically at boardroom level. | | | | include academic qualifications, business alignment, the |
| Communication managers are now being looked upon | | | | role of internal communication and the shaping of |
| to rise to the challenge and meet these expectations. | | | | stakeholders relations as a strategic (not functional) |
| They should be present at board meetings and use | | | | role. |