Over the past decade, for example, numerous corporate governance codes have emerged, which require companies to give a more transparent account of how their business is being run and the impacts on the various stakeholder groups. One of the most recent and progressive documents is South Africa’s revised King Report which even makes explicit recommendations on sustainability reporting and social and ethical accountability. Shapeshifting goes beyond putting ticks into boxes, however. At the end of the day, it is once again about values and behaviour. In order to implement governance at a practical level, shapeshifting needs to occur in at least three areas: company incentive systems, decision-making processes and communication methods. In exploring these issues, it is instructive once again to contrast Western and Southern cultural dynamics.