King Committee clarifies 9-year ‘rule’ for director independenceThe King Committee has issued new guidance clarifying one of the most frequently misunderstood aspects of corporate governance in South Africa – the role of a director’s length of service when assessing independence. The King Committee emphasises that this is not what King V recommends. “Good governance is not a box-ticking exercise,” says Ansie Ramalho, chairperson of the King Committee. The King Committee cautions that mechanical application of governance requirements can be just as inconsistent with good governance as ignoring them. The King Committee hopes that the guidance will assist boards, investors, regulators and other stakeholders in applying this recommended practice of King V consistently and as intended.