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A set of rules and procedures which control the way in which a company is managed in the interests of its primary stakeholders including its shareholders, employees, the community in which it operates and the environment. Bad governance impacts on the company's reputation for honesty and transparency. These ideas are contained in the King Reports, originally wirtten by Mervyn King at the request of the Institute of Directors in 1993. The King Report is now in its 4th iteration. The various King reports deal with almost every aspect of running a company from the composition of the board of directors to the company's code of ethics and its sustainability reporting. The King reports have been widely adopted in first world countries such as the UK as the best practice.