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Cadbury Report
The Cadbury Report, titled ''Financial Aspects of Corporate Governance'', is a report issued by "The Committee on the Financial Aspects of Corporate Governance" chaired by Sir Adrian Cadbury, chairman of Cadbury, that sets out recommendations on the arrangement of company boards and accounting systems to mitigate corporate governance risks and failures. In 1991 the London Stock Exchange set up the Cadbury committee and the report was published in draft version in May 1992. Its revised and final version was issued in December of the same year. The report's recommendations have been used to varying degrees to establish other codes such as those of the OECD, the European Union, the United States, the World Bank etc. Background Sridhar Arcot and Valentina Bruno in their article called "In Letter but not in Spirit: An Analysis of Corporate Governance in the UK" explain the background to the Cadbury Committee. Although wrong on the historical facts, as Robert Maxwell died on 5 November ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adrian Cadbury
Sir George Adrian Hayhurst Cadbury, (15 April 1929 – 3 September 2015) was an English businessman who served as the chairman of Cadbury and Cadbury Schweppes for 24 years. He was also a British Olympic rower. Cadbury was a pioneer in raising the awareness and stimulating the debate on corporate governance and, via the Cadbury committee set up by the London Stock Exchange, produced the Cadbury Report, a code of best practice which served as a basis for reform of corporate governance around the world. Early life, education and rowing Cadbury was born on 15 April 1929, a member of the Cadbury family, which is known for its Quaker philosophy and for the chocolate conglomerate that it founded. He was educated at Eton and King's College, Cambridge. At Cambridge, he rowed in the losing Cambridge boat in the 1952 Boat Race. He also rowed in the Great Britain coxless four in the 1952 Summer Olympics in Helsinki. Later years Cadbury had two marriages – in 1956, he married Gillian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Polly Peck
Polly Peck International (PPI) was a small British textile company which expanded rapidly in the 1980s and became a constituent of the FTSE 100 Index before collapsing in 1991 with debts of £1.3bn, eventually leading to the flight of its CEO, Asil Nadir to Northern Cyprus in 1993. Polly Peck was one of several corporate scandals that led to the reform of UK company law, resulting in the early versions of the UK Corporate Governance Code. On 26 August 2010 Nadir returned to the UK to try to clear his name. Prosecutors alleged that he stole more than £150m from Polly Peck and he faced trial on 13 specimen charges totalling £34m. Nadir was found guilty on 10 counts of theft totalling £29m. On 23 August 2012 at the Old Bailey he was sentenced to 10 years in prison. History Beginnings Polly Peck began in 1940 as a small fashion house, founded by the husband-and-wife team of Raymond and Sybil Zelker. The clothes were designed by Sybil, and the business end was handled by Raymo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1992 In Economics
Year 199 ( CXCIX) was a common year starting on Monday (link will display the full calendar) of the Julian calendar. At the time, it was sometimes known as year 952 ''Ab urbe condita''. The denomination 199 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Mesopotamia is partitioned into two Roman provinces divided by the Euphrates, Mesopotamia and Osroene. * Emperor Septimius Severus lays siege to the city-state Hatra in Central-Mesopotamia, but fails to capture the city despite breaching the walls. * Two new legions, I Parthica and III Parthica, are formed as a permanent garrison. China * Battle of Yijing: Chinese warlord Yuan Shao defeats Gongsun Zan. Korea * Geodeung succeeds Suro of Geumgwan Gaya, as king of the Korean kingdom of Gaya (traditional date). By topic Religion * Pope Zephyrinus succeeds Pope Victor I, as the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Governance In The United Kingdom
UK corporate governance has influenced corporate governance regulation in the European Union and United States. A detailed analysis of several UK corporate governance reports, in particular * the Cadbury Report on “Financial Aspects of Corporate Governance” (December 1992), * Rutteman Guidance (December 1994), Greenbury Report (July 1995), * Hampel Report on “Corporate Governance” (June 1998), * Turnbull Report on “Internal Control: Guidance for Directors on the Combined Code” (September 1999) and * Higgs Report on the “Review of the role and effectiveness of non-executive directors” (January 2003) revealed that the UK has been able to influence US corporate governance regulation ( Sarbanes-Oxley Act 2002 OAon “Corporate Responsibility”, enacted by the Senate and House of Representatives of the United States of America). In return, through SOA the US is influencing and accelerating the development of an EU wide governance regulation. “The Commission h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treadway Commission
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is an organization that develops guidelines for businesses to evaluate internal controls, risk management, and fraud deterrence. In 1992 (and subsequently re-released in 2013), COSO published the ''Internal Control - Integrated Framework,'' commonly used by businesses in the United States to design, implement, and conduct systems of internal control over financial reporting and assessing their effectiveness. History In 1985, COSO began as a private sector initiative to investigate the causal factors that lead to fraudulent financial reporting as a result of a number of accounting scandals in the 1970s and mid-1980s. This initiative was termed the National Commission on Fraudulent Financial Reporting; the first president of the Commission was James C. Treadway, Jr., a former Commissioner of the US Securities and Exchange Commission, and therefore the initiative was commonly called the "Treadway Commission". ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Corporate Governance Code
The UK Corporate Governance code, formerly known as the Combined Code (from here on referred to as "the Code") is a part of UK company law with a set of principles of good corporate governance aimed at companies listed on the London Stock Exchange. It is overseen by the Financial Reporting Council and its importance derives from the Financial Conduct Authority's Listing Rules. The Listing Rules themselves are given statutory authority under the Financial Services and Markets Act 2000 and require that public listed companies disclose how they have complied with the code, and explain where they have not applied the code in what the code refers to as 'comply or explain'. Private companies are also encouraged to conform; however there is no requirement for disclosure of compliance in private company accounts. The Code adopts a principles-based approach in the sense that it provides general guidelines of best practice. This contrasts with a rules-based approach which rigidly defines exa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
King Report On Corporate Governance
The King Report on Corporate Governance is a booklet of guidelines for the governance structures and operation of companies in South Africa. It is issued by the King Committee on Corporate Governance. Three reports were issued in 1994 (King I), 2002 (King II), and 2009 (King III) and a fourth revision (King IV) in 2016. The Institute of Directors in Southern Africa (IoDSA) owns the copyright of the King Report on Corporate Governance and the King Code of Corporate Governance. Compliance with the King Reports is a requirement for companies listed on the JSE Limited, Johannesburg Stock Exchange. The King Report on Corporate Governance has been cited as "the most effective summary of the best international practices in corporate governance". History In July 1993 the Institute of Directors in South Africa asked retired Supreme Court of South Africa judge Mervyn King (judge), Mervyn E. King to chair a committee on corporate governance. He viewed this as an opportunity to educate the new ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smith Report
The Smith Report was a report on corporate governance submitted to the UK government in 2003. It was concerned with the independence of auditors in the wake of the collapse of Arthur Andersen and the Enron scandal in the US in 2002. Its recommendations now form part of the Combined Code on corporate governance, applicable through the Listing Rules for the London Stock Exchange. It was substantially influenced by the views taken by the EU Commission.Official Journal, 19.07.2002, ''Commission Recommendations, Statutory Auditors' Independence in the EU: A Set of Fundamental Principles''. 200OJ L 191/22/ref> One important point was that an auditor himself should look at whether a company's corporate governance structure provides safeguards to preserve his own independence. See also * Combined Code * Cadbury Report (1992) * Greenbury Report (1995) * Hampel Report (1998) * Turnbull Report * Higgs Report (2003) References External linksSmith Report (in full) [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Higgs Report
''Review of the role and effectiveness of non-executive directors'' (or the "Higgs review") was a report chaired by Derek Higgs on corporate governance commissioned by the UK government, published on 20 January 2003. It reviewed the role and effectiveness of non-executive directors and of the audit committee, aiming at improving and strengthening the existing Combined Code. There was widespread unrest after the scandals in the US, involving Enron, WorldCom, and Tyco. The US opted for legislation under the Sarbanes–Oxley Act. Higgs strongly backed the existing non-prescriptive approach to corporate governance: "comply or explain". Yet he advocated more provisions with more stringent criteria for the board composition and evaluation of independent directors. He wanted to remove some of the discretion that the Code allowed. Higgs viewed the earlier scandals, which led to the Cadbury Report could have been avoided had a Code been in place. The Robert Maxwell debacle could have been ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnbull Report
''Internal Control: Guidance for Directors on the Combined Code'' (1999) also known as the "Turnbull Report" was a report drawn up with the London Stock Exchange for listed companies. The committee which wrote the report was chaired by Nigel Turnbull of The Rank Group plc. The report informed directors of their obligations under the Combined Code with regard to keeping good "internal controls" in their companies, or having good audits and checks to ensure the quality of financial reporting and catch any fraud before it becomes a problem. Revised guidance was issued in 2005. The report was superseded by a further FRC guidance issued in September 2014.https://www.frc.org.uk/Our-Work/Codes-Standards/Corporate-governance/UK-Corporate-Governance-Code/Guidance-for-boards-and-board-committees.aspx See also * UK company law * Corporate Governance * Cadbury Report (1992), ''Financial Aspects of Corporate Governance'', on corporate governance generally. Pdf filhere* Greenbury Report (1995) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hampel Report
The Hampel Report was designed to be a revision of the corporate governance system in the UK. The remit of the committee was to review the Code laid down by the Cadbury Report (now found in the Combined Code). It asked whether the code's original purpose was being achieved. Hampel found that there was no need for a revolution in the UK corporate governance system. The Report aimed to combine, harmonise and clarify the Cadbury and Greenbury recommendations. On the question of in whose interests companies should be run, its answer came with clarity. The Hampel Report relied more on broad principles and a 'common sense' approach which was necessary to apply to different situations rather than Cadbury and Greenbury's 'box-ticking' approach. See also * Combined Code * Cadbury Report (1992) * Greenbury Report (1995) * Turnbull Report * Higgs Report (2003) * Smith Report (2003) Notes External links Full text of the combined code 2006 Full text of the combined code 2003* The Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Governance
Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions that appear purpose-specific. Writers concerned with regulatory policy in relation to corporate governance practices often use broader structural descriptions. A broad (meta) definition that encompasses many adopted definitions is "Corporate governance” describes the processes, structures, and mechanisms that influence the control and direction of corporations." This meta definition accommodates both the narrow definitions used in specific contexts and the broader descriptions that are often presented as authoritative. The latter include: the structural definition from the Cadbury Report, which identifies corporate governance as "the system by which companies are directed and controlled" (Cadbury 1992, p. 15); and the relational-structura ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
