Final thoughts

King III has been operational since March 2010 in South Africa. What became clear in this study is that good corporate governance can never be achieved through reliance on a single document or guideline. Although it is evident that the market is a dominating factor in determining executive remuneration, governance provides a counter-balance. However, adherence to the guidelines and spirit of governance will always be dependent on the ethical will of those charged with the direction and control of an organisation. Boards are the driving force behind corporate governance and ethical intent, and therefore, as an element of corporate governance, executive remuneration. Boards need to be accountable to all stakeholders and act in a fair and transparent manner, and stakeholders need to become more active in demanding adherence to the spirit of good governance.

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