Our governance
08Governance outcomes and application
The four King V™ governance outcomes and the Fund’s application of the governance principles as we begin our first year of application in FY2026/27.
Our journey from King IV™ to King V™
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King IV™
For several years
Reporting against the Code
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King V™ released
31 October 2025
Considering the new Code
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Desktop review
FY2025/26
132 recommended practices
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King V™ application
FY2026/27
First year of application
NSSF has reported against the King IV™ Code for several years. Following the release of King V™ on 31 October 2025, the Fund began considering its implications during FY2025/26 through Board discussions and targeted governance training. A core reporting team attended governance training in South Africa and participated in bespoke King V™ workshops focused on the Code's principles, recommended practices, and reporting requirements.
Ahead of King V™'s mandatory application date for financial years commencing on or after 1 January 2026, the Fund undertook a preliminary desktop review of the 132 recommended practices. The exercise was intended to establish an initial view of the Fund's level of alignment with the new Code by considering existing governance practices, policies, processes, and disclosures contained in previous Integrated and Sustainability/ESG Reports. It also identified areas requiring further evaluation and enhancement as part of the Fund's transition to King V™.
The review indicated a high degree of alignment with the new Code, with 122 of the 132 recommended practices (one is not applicable) assessed as fully applied. Nine practices were assessed as partially applied or applied with modification, while one was considered not applicable. The related exceptions, together with the rationale, compensating measures and targeted resolution dates, are disclosed in this report.
Disclosure summary
King V™ operates on an apply-and-explain basis: a fund must apply all 13 principles, explain any non-adoption or modification and its compensating measures, and conclude whether application realised the four governance outcomes.
Preliminary desktop review
132
Recommended practices reviewed
122
Fully applied
9
Partially applied or applied with modification
1
Not applicable
Outcomes dashboard (desktop evaluation)
Principle no.
Leadership
Total practices
Applied
Partial / N/A
Application
Principle no.
Ethics
Total practices
Applied
Partial / N/A
Application
Principle no.
Strategy, performance & value creation
Total practices
Applied
Partial / N/A
Application
Principle no.
Reporting
Total practices
Applied
Partial / N/A
Application
Principle no.
Composition of the Board
Total practices
Applied
Partial / N/A
Application
Principle no.
Committees of the Board
Total practices
Applied
Partial / N/A
Application
Principle no.
Appointment and delegation to management
Total practices
Applied
Partial / N/A
Application
Principle no.
Risk
Total practices
Applied
Partial / N/A
Application
Principle no.
Compliance
Total practices
Applied
Partial / N/A
Application
Principle no.
Data, information and technology
Total practices
Applied
Partial / N/A
Application
Principle no.
Remuneration
Total practices
Applied
Partial / N/A
Application
Principle no.
Assurance
Total practices
Applied
Partial / N/A
Application
Principle no.
Stakeholders
Total practices
Applied
Partial / N/A
Application
1 Principle 13 includes one practice assessed as Not Applicable (group governance – NSSF is a standalone statutory fund) rather than partially applied.