Criteria for the ratings assigned are based on international best practice and are in line with the definitions used by Ratings Afrika.

The criteria are reviewed periodically, and remain independent of any published guide on governance. Recognition is given to the publications summarised hereafter.

A brief summary of the principles followed in modern reflections on governance and the soundness or lack of soundness evident therein, is provided by way of downloadable document available from here.

  • The Theory of Moral Sentiments, by Adam Smith, 1759
  • Various books on corporate governance written either jointly or individually by R Garratt and RI Tricker since 1984
  • The UK Corporate Governance Code (formerly the Combined Code) published by the UK Financial Reporting Council, latest review May 2010
  • The Role and Effectiveness of Non-executive Directors by Sir Derek Higgs, 2003
  • Governance and Risk, edited by George Dallas of Standard & Poor's, 2004
  • Three reports on corporate governance issued by the SA Institute of Directors: 1994, 2002, 2010
  • The Financial Aspects of Corporate Governance by Sir Adrian Cadbury, 1992
  • The USA regulatory act referred to as Sarbanes-Oxley, as amended