The first report indicated the legislative framework on Corporate Governance as it eminates from constitutional provisions and prescripts. Key to the framework was legislatioin governing companies and related transformation matters such as, Broad-Based Black Economic Empowerment (B-BBEE). The Companies Bill, which was still before parliament at the time of tabling the First Report, became an Act of parliament in February 2009. The Act seeks to promote the development of companies within all sectors of the economy, encouraging active participation in economic organisation, the management, productivity and the reaffirmation of the concept of ‘the company’ as a means of achieving economic and social benefits. It is also meant to ease regulatory burden and streamline the company registration process by integrating all corporate business undertakings into one regulatory regime. This will, in the main, deal with the transformation issues identified in the CRR. Companies have various transformative charters that they need to adhere to in terms of redressing the imbalances and ownership distortions created by apartheid inspired economics. The Government-sponsored Broad-Based Black Economic Empowerment (B-BBEE) Codes of Good Practice are to be applied in the development, evaluation and monitoring of Black Economic Empowerment (BEE) charters, initiatives, transactions and other implementation mechanisms. The procurement system has been designed to ensure enforcement of codes found in these charters. In their quest to meet the B-BBEE codes, companies have developed enterprise development programmes where entrepreneurship development has been foregrounded as a business imperative rather than a quota compliance matter. The support of SMMEs by conglomerates and private enterprises has thus far created new businesses in the historically marginalised communities. The procurement spend of these companies is also utilised as a mechanism to expand the second/ informal economy. King III Report on Corporate Governance released in September 2009, is a voluntary code of good practice which promotes ethics as the foundation of corporate governance and requires effective and responsible leadership of companies that is characterised by the ethical values of responsibility, accountability, fairness and transparency. Responsible leaders should ensure that companies are sustainable in relation to economic, social and environmental impact in communities within which they operate. King III requires a reflection on the impact of business in society and a realisation that business should be done ethically. In order to make the governance system effective, shareholders should fulfil their role in the accountability chain, as ownership comes with responsibility. To give guidance on how this responsibility is to be exercised, South Africa has produced an Investors Code. The Investors Code aims to provide principles and guidance to institutional shareholders’ responsible execution of their role. The new Investors Code will deal with matters such as accountability of institutional investors to the ultimate beneficiaries of these investments, engagement with investee companies, consideration of environmental, social and governance issues, as well as voting and disclosure procedures. The CRR identifies a number of institutions and social groups that are underdeveloped. Key to these is the support for women-led enterprises and implementation of B-BBEE. Government support for Small, Medium and Micro Enterprises (SMMEs), especially those led by women, took a step forward when the Cabinet approved 40