Apply or explain definition

Apply or explain approach simply means for example that where the Board of directors takes a decision that to follow a recommendation from the Code will not be in the best interest of the company; that such a Board may apply another practice or apply the recommendation differently, provided that the practice being adopted will still achieve the objective of the overarching principles of corporate governance. In addition, the Board will also have to explain the need for such a deviation; detailing how the principles and recommendations were applied and the results. Where this procedure is followed, the company will be deemed to be compliant.
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Apply or explain means that King III follows a non-legislated approach allowing for companies to explain if they choose not to apply the principles of King III if they believe that it would be in the best interest of the company.
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Related to Apply or explain

  • Gender identity or expression means a person's gender-related identity, appearance or behavior, whether or not that gender-related identity, appearance or behavior is different from that traditionally associated with the person's physiology or assigned sex at birth, which gender-related identity can be shown by providing evidence including, but not limited to, medical history, care or treatment of the gender-related identity, consistent and uniform assertion of the gender-related identity or any other evidence that the gender-related identity is sincerely held, part of a person's core identity or not being asserted for an improper purpose.

  • Limit means a limit per tonne gross weight of that part of the Goods in respect of which a claim arises.

  • Alter means to change the cellular structure of living tissue.

  • Terms of Reference (TORs) means the Terms of Reference that explains the objectives, scope of work, activities, and tasks to be performed, respective responsibilities of the Procuring Entity and the Consultant, and expected results and deliverables of the assignment.

  • Terms of Reference (TOR) means the document included in the RFP which explains the scope of work, activities and tasks to be performed.