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Finance & Accounting
Pages 4 (1004 words)
1-Discuss the evolution of corporate governance in the UK, looking to the drivers of each of the codes, going on to explain using examples whether each code achieved its purposes or not. Answer In the 1980s and early 1990s, many companies were the subjects of poor governance and management, and excessive executive pays.
Cadbury Report highlights the role of Chairman and Chief Executive Officer. The Chairman must not be allowed to become CEO and the same is applicable to the vice versa at the same. The Chairman is primarily responsible for the board’s working, and for its membership balance subject to board and approval of shareholders (ecgi, web). The Greenbury report focuses on the directors’ remuneration (icaew). The fundamental aim of this report is to identify good practice in identifying and determining directors’ remuneration; besides reporting a code of practice for UK PLCs. The Hampel report was designed to review the Cadbury report on corporate governance. Basically, this report enumerates all the elements discussed in the Cadbury report; this report talks about the role of directors and shareholders, directors’ remuneration, accountability and audit (ecgi, web). The Turnbull report talks about the internal controls. As the internal controls are the significant elements of the corporate governance, the Turnbull report describes the significance and elements of a sound system of internal control (portal. survey, web). The Higgs Review puts light on the role of non-executive directors (national archieves, web). ...
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