Read the following and answer the questions that follow "It's not what you do, but why that counts in corporate governance. King IV's disclosure regime forces governing bodies to take actions that have the right results. In poker, as in so much of life, bluff can take you very far but sooner or later you have to show your hand. Disclosure is the ultimate litmus test: are you doing what you said you would do, and are you getting the desired results? For that reason, disclosure has become a very significant element of corporate governance. One of the most significant developments in the King IV Report on Corporate Governance for South Africa is thus the move from King III's disclosure regime of "apply or explain" to "apply and explain". It's important to unpack what this means. Mervyn King, the former chair of the King Committee, says he was somewhat alarmed to discover that although compliance with King III had become a condition of listing on the JSE, it was apparent that many companies simply saw it as a cost of doing business. With greater or lesser degrees of cynicism, they would simply follow as many of the recommended practices as they could, with no further explanations necessary. This kind of tick-box approach strikes at the heart of corporate governance because it reduces governance to a set of mechanical actions, with little regard for what the goal was and whether it was achieved. Professor King says King IV's new approach was, in part at least, inspired by the desire to encourage companies to take a more proactive approach to corporate governance and to reap the rewards for doing so. The "apply and explain" disclosure regime was instituted because it forces governing bodies to come to grips with how the actions they took were intended to help the organisation achieve its goals". (Source: Why King IV's "apply and explain" is so important) Questions: 3.1. Justify the key benefits of effective corporate governance (12) 3.2 In order for the King Report III to work and allow for, provide a constructive description of what entails good corporate governance.