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The Financial Services Authority has evolved a refurbished code on corporate governance replacing the1998 intending that the new Code will apply for reporting years beginning on or after 1 November 2003. This Code supersedes the earlier Combined Code issued by the Hampel Committee on Corporate Governance in June 1998.The highlight feature of the new code is the leveraging on the work of Derek Higgs on the role and effectiveness of non-executive directors and a review of the structure and functions of audit committees by a group led by Sir Robert Smith. The Code has substantial prescriptions on the Board, Chairman and chief executive, Board balance and independence etc (Combined, 2003). "At The Body Shape the Board meets formally six times a year and is responsible amongst other things for strategy, allocation of financial resources, annual and interim results, acquisitions and disposals and risk management. For each formal meeting, the Board reviews how the Company has performed against its Values." Its share holders' surveys reveal that the Board needs to take leadership initiatives in resolving following important values' based corporate governance issues which seem to be affecting company's social and corporate image and competitive edge.(The Body Shop,2005)

The Body Shop is in the business of selling personal care products. It has a rich retailing experience spanning well over 30 years. It also has a world wide market with operations in 54 countries. It shares stakeholders' relationship with its shareholders, customers, suppliers and retailers, employees and other non governmental organizations. In fact Body Shop is a unique organization that has pointedly sought to be a socially conscious organization that survives commercially. This is revealed by the following company profile in respect of company's beliefs," The Body Shop has been a leader in the trend towards greater corporate transparency, and has been a force for positive social and environmental change through its lobbying and campaigning programmes around five core principles: Support Community Trade, Defend Human Rights, Against Animal Testing, Activate Self-Esteem, and Protect Our Planet."(The Body Shop, 2006). While this is laudable belief menu; however stakeholder feedback distinctly shows that The Body Shop has taken its social accountability aspect a bit over the board. In fact some stakeholders even made comments such as," The Body Shop is not UN" and that "Campaigns should not be run on company funds" and "Do not over-stress ethical values and neglect the financial interests of your shareholder." etc. (The Body, 1999).In fact the values are laudable however here has been a strategic error of highlighting such incidental activities to the main business more than required. Such activities are ...Show more


Corporate Governance is described as conscious adherence, by an organization, to a set of guidelines and code of conduct in carrying out its organizational transactions with the primary object of making adequate disclosures to its various stakeholders that not only their stakes are safe with the organization but also that such stakes are being kept protected in a manner which is ethical and above the board.Most jurisdictions have devised and implemented corporate governance principles in the activities of all organizations having a corporate form…
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