<P> In addition to those types of organizations listed in King I, it was applicable to departments of State or national, provincial or local government administration falling under the Local Government: Municipal Finance Management Act, and public institution or functionary exercising a power or performing a function in terms of the constitution, or exercising a public power or performing a public function in terms of any legislation, excluding courts or judicial officers . As before, it encourages all companies to adopt the applicable principles from the code . </P> <P> The key principles from the second King report covered the following areas: </P> <Ul> <Li> Directors and their responsibility </Li> <Li> Risk management </Li> <Li> Internal audit </Li> <Li> Integrated sustainability reporting </Li> <Li> Accounting and auditing </Li> </Ul> <Li> Directors and their responsibility </Li>

King report on corporate governance for south africa 2002