The first in this series, this report focuses on the development of a code of corporate governance in South Africa. The corporate governance theme is very significant within the context of African peer review. One may argue that it is premature to talk about corporate governance regulations in much of Africa, where the private sector is very small and capital markets are poorly developed. But any society requires a set of minimum conditions (especially in countries with weak regulatory and judicial frameworks) which will attract not only foreign direct investment but also encourage the domestic entrepreneur to invest in his/her country in a productive and sustainable manner. African states have much to learn in this regard. In South Africa, the King reports provide guidelines for both private companies and SOEs. These self-regulatory initiatives have placed South Africa among those in the top rank of emerging market economies that follow corporate governance codes. Yet, even in South Africa, as the authors of this report tell us, questions can be raised as to whether there is sufficient institutional capacity to implement the codes.