While the financial crisis would end in the medium term, the sustainability crisis the world was facing was also upon us and would continue long after the financial crisis had ended, King Committee on Corporate Governance chairperson Professor Mervyn King told the South African Chamber of Commerce and Industry (Sacci) annual convention on Friday.

He emphasised the need for companies to adopt integrated reporting, which would involve the reporting of social, financial and environmental aspects, and not only financial aspects of the business to stakeholders.

By regulating the financial governance aspects of any company only, would be to the world's peril, he said.

Sustainability issues have also become pertinent to businesses.

King noted that countries have started recognising that the sustainability crisis would not end in the near term and that there was a new general awareness that the planet is in crisis and that this could hold risks for businesses, especially for those making use of natural resources to produce goods.

A number of European countries have already started implementing legislation to make the reporting of environmental and sustainable issues part of a company's listing requirements.

The King Committee had made a recommendation for South Africa to do the same in its King III report, published in September.

King noted that this would also become a listing requirement in South Africa in July next year.

He warned that if the world did not start taking care of the planet now, it would be in trouble.

However, individuals could make a difference as they were the people who directed companies, who voted political parties into power and who could make inputs into how local government implemented infrastructural plans such as the way government arranges transport plans.

King emphasised that the planet could be bailed out if people put in the effort to do so. However, this would not be as easy as bailing out banks, he said.

The King Committee on Corporate Governance was formed in 1992, under the auspices of the Institute of Directors, to consider corporate governance, of increasing interest around the world, in the context of South Africa.