Fitch: South Africa governance underdeveloped

Fitch Ratings said in a special report that South African corporate governance practices are considered mature compared to emerging market peers, but they remain underdeveloped by international market standards.

Fitch said it believes that further improvements in South African corporate governance are required, especially regarding transparency and disclosure of interim financial reporting, and related-party transactions and internal audit processes.

South African corporate governance practices have improved in recent years, the agency said, but significant further improvement is still required to meet the corporate governance guidelines.

This is expected to be a gradual process, the agency said.

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