CRISA is a code of investment principles which act as the investor version of the King III Code of Corporate Governance does for companies. the 5 principles outline the expected practice and policies of institutional investors in South Africa, including the need for transparency. The Code for Responsible Investing in South Africa (CRISA) was launched on 19 July 2011. Responsible investing and corporate governance guidelines in South Africa are largely voluntary. 

The Code aims to put in place the checks and balances needed to make this voluntary framework successful. Together with the King Report, which is also not legislation but rather principles and practices that are adhered to on an ‘apply or explain’ basis, the new Code will seek to encourage best practice conduct by shareholders and companies. In summary, CRISA consists of five principles:
  • Principle 1 – An institutional investor should incorporate sustainability considerations, including ESG, into its investment analysis and investment activities as part of the delivery of superior risk-adjusted returns to the ultimate beneficiaries.
  • Principle 2 – An institutional investor should demonstrate its acceptance of ownership responsibilities in its investment arrangements and investment activities.
  • Principle 3 – Where appropriate, institutional investors should consider a collaborative approach to promote acceptance and implementation of the principles of CRISA and other codes and standards applicable to institutional investors.
  • Principle 4 – An institutional investor should recognise the circumstances and relationships that hold a potential for conflicts of interest and should pro-actively manage these when they occur.
  • Principle 5 – Institutional investors should be transparent about the content of their policies, how the policies are implemented and how CRISA is applied to enable stakeholders to make informed assessments.

CRISA requires institutional investors to fully and publicly disclose to stakeholders at least once a year to what extent the Code has been applied.  If an institutional investor has not fully applied one of the Principles of the Code, the reasons should be disclosed. Disclosure as well as policies should be made public. CRISA has been endorsed by the Institute of Directors in Southern Africa (IoDSA), the Principal Officers Association (POA), and the Association for Savings and Investment South Africa (ASISA). The principles of CRISA are supported by the Financial Services Board (FSB) and the Johannesburg Stock Exchange (JSE).

King III Code e-book

Key documents:

CRISA Code 2011Final.pdf CRISA Code 2011Final.pdf
Size : 377.051 Kb
Type : pdf
IoDSA CRISA Practice Note on Disclosure.pdf IoDSA CRISA Practice Note on Disclosure.pdf
Size : 637.863 Kb
Type : pdf

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