71 will create value over time. The requirement under King III institutionalises this stakeholdercentric methodology for reporting a company’s value produced in any period under review. 3.3.4 Consumers and shareholder activism to assert their rights The CPA was signed into law on 29 April 2009. The Act constitutes an overarching framework for consumer protection with one of its purposes being preventing exploitation or harm to consumers. The implications for business are significant. South African consumers are now amongst the most protected consumers in the world (Holland, 2011). The intention behind the legislation is to promote a culture of consumer rights and responsibilities, as well as to encourage business innovation and enhanced performance. In addition, it is hoped that the new legislation will improve access to, and the quality of information that will enable consumers to make informed choices and protect them from hazardous goods. Accordingly, non-compliance by suppliers can mean hefty fines, serving a jail sentence or both. The North Gauteng High Court recently ruled that low and medium capacity municipalities will no longer be exempt from the CPA and that the Minister of Trade and Industry has until July 2013 to publish a notice to that effect. This empowers residents to hold municipalities accountable41. Businesses are aware of and are applying the directives under the CPA. Additionally, its application in the public sector will create greater service delivery. The level of public awareness of their rights has improved significantly, allowing the protection of consumers and strengthening of consumer activism. Consumer Weeks are widely publicised with the intention of reinforcing consumer knowledge and activism in local communities as part of on-going consumer education campaigns. Ethics Institute of South Africa hosted their 3rd annual Ethics Conference on 11 March 2013, bringing together participants from public and private sectors to discuss trends in the observation of ethics in South Africa. It emerged that a lot of work needs to done in order remove what delegates identified as the cause of a lack of ethics and these include the apartheid legacy, lack of moral leadership in all sectors and high levels of corruption42. The Ethics Conference is a mechanism to develop a general awareness of and standard for ethical practice in South Africa with the potential for wide acceptance and application. 3.3.5 Governance within civil society Governance in civil society organisations is of paramount importance in the survival and implementation of funded projects in communities. A methodology to ensure a systematic approach to governing the affairs of these institutions helps beneficiaries by assuring the longevity of the institution up to the exit point for the beneficiary. Legal instruments such as the Non Profit Act and the provisions under the Social Welfare Act provide a basis for service description, and not structural governance and corporate form. Traditional funding sources for NGOs are diminishing and grants are being reduced due to various external and internal factors. Externally, the fact that South Africa is viewed as a middle income economy has resulted in decreased funding opportunities. In South Africa’s domestic environment, rising operating costs, mounting debt, and the inability of some CSOs to sustain the same level of work as they use to, are some of the challenges that are 41 42 Municipalities urged to fulfil consumer protection. Eye Witness News, EWN. Web. Click here Conference Review, 2nd Annual Ethics Conference, Ethics Institute of South Africa 71