Purpose: Given South Africa’s well-developed governance framework, considerable wage inequality and sizeable executive packages, this study was conducted to reflect on the aptness and application of the King IV director remuneration guidelines.

Design: The views of 23 representatives of institutional investors, remuneration committee members and leading executives of financial services companies were gauged on the King IV remuneration recommendations by conducting semi-structured interviews. The primary data were analysed by conducting thematic analysis.

Findings: The participants commended the heightened focus on pay-related transparency and reporting quality evident in King IV, in particular the three-part remuneration report and single pay figure disclosure. Participants urged remuneration committees to link executive pay to the six capitals.

Practical implications: Government and the Institute of Directors in South Africa should account for the considerable regulatory burden that companies are experiencing when amending remuneration-related regulation in future. More guidance is required to link sustainability considerations to executive emolument. A corporate culture which promotes fair remuneration would benefit multiple stakeholders. Focus should be placed on equal pay for work of equal value.

Value: The views of powerful and informed stakeholder representatives were gauged on responsible and transparent remuneration practices in an emerging market with severe pay inequality.

目的：鉴于南非完善的治理框架、相当大的工资不平等和相当大的行政一揽子计划，本研究旨在反映国王四世董事薪酬准则的适用性和应用。

设计：通过半结构化访谈的方式，对来自机构投资者、薪酬委员会成员和金融服务公司主要高管的 23 位代表对 King IV 薪酬建议的看法进行评估。通过进行主题分析来分析原始数据。

调查结果：与会者称赞 King IV 对薪酬相关透明度和报告质量的高度关注，特别是三部分薪酬报告和单一薪酬数字披露。与会者敦促薪酬委员会将高管薪酬与六项资本挂钩。

实际影响：南非政府和董事协会应考虑公司在未来修订与薪酬相关的法规时所承受的巨大监管负担。需要更多的指导来将可持续性考虑与高管薪酬联系起来。促进公平薪酬的企业文化将使多个利益相关者受益。应将重点放在同工同酬上。

价值：在薪酬不平等严重的新兴市场中，权威和知情的利益相关者代表对负责任和透明的薪酬做法进行了评估。