A company director recently sent me the King IV Report on Corporate Governance in South Africa -- which I read. I said it looked rather starry-eyed to me. My experience with corporate governance through counselling was fairly disastrous. But then, a counsellor does receive skewed impressions of the world (all marriages are bad, and so on). No, responded the director: "South Africa is a world leader on corporate governance." I asked him what he meant by that. It had the finest principles, he said, although these may only really have bite when a company was listed on the Johannesburg Stock Exchange.