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Combined 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] |
UK Company Law
The United Kingdom company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directives and court cases, the company is the primary legal vehicle to organise and run business. Tracing their modern history to the late Industrial Revolution, public companies now employ more people and generate more of wealth in the United Kingdom economy than any other form of organisation. The United Kingdom was the first country to draft modern corporation statutes, where through a simple registration procedure any investors could incorporate, limit liability to their commercial creditors in the event of business insolvency, and where management was delegated to a centralised board of directors. An influential model within Europe, the Commonwealth and as an international standard setter, UK law has always given people broad freedom to design the internal company rules, so long as the mandato ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Executive Pay
Executive compensation is composed of both the financial compensation (executive pay) and other non-financial benefits received by an executive from their employing firm in return for their service. It is typically a mixture of fixed salary, variable performance-based bonuses (cash, shares, or call options on the company stock) and benefits and other perquisites all ideally configured to take into account government regulations, tax law, the desires of the organization and the executive. The three decades from the 1980s saw a dramatic rise in executive pay relative to that of an average worker's wage in the United States, and to a lesser extent in a number of other countries. Observers differ as to whether this rise is a natural and beneficial result of competition for scarce business talent that can add greatly to stockholder value in large companies, or a socially harmful phenomenon brought about by social and political changes that have given executives greater control over thei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Walker Review
Walker or The Walker may refer to: People *Walker (given name) * Walker (surname) * Walker (Brazilian footballer) (born 1982), Brazilian footballer Places In the United States * Walker, Arizona, in Yavapai County * Walker, Mono County, California * Walker, Illinois *Walker, Iowa *Walker, Kansas *Walker, Louisiana *Walker, Michigan *Walker, Minnesota *Walker, Missouri * Walker, West Virginia * Walker, Wisconsin * Walker Brook, a stream in Minnesota * Walker Charcoal Kiln, Arizona *Walker Lake (other), several lakes *Walker Pass, California *Walker River, Nevada * Walker Township (other), several places Other places *Walker, Edmonton, Alberta, Canada *Walker, Newcastle upon Tyne, England *Walker Island (Northern Tasmania), Tasmania, Australia *Walker Island (Southern Tasmania), Tasmania, Australia *Walker Mountains, in Antarctica * Walker (crater), a lunar impact crater on the far side of the Moon In arts, entertainment, and media Fictional entities * Walker (' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy (e.g. the crisis resulting from the famous tulip mania bubble in the 17th century). Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time. Types Banking crisis When a bank suffers a sudden rush of withdrawals by depositors, this is called a ''bank run''. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northern Rock
Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne, United Kingdom, Northern Rock was originally a building society. It demutualised and became Northern Rock bank in 1997, when it floated on the London Stock Exchange with the ticker symbol NRK. During the early 2000s the company borrowed substantially to fund mortgages, with the aim of ambitious growth, and also donated large amounts to charitable purposes and communities directly and through sponsorships. The global banking crisis beginning around 2007–08 meant that it was unable to produce income as expected from its loans, and was at risk of being unable to repay the amounts it had borrowed. The news that the bank had approached the government for support with its liquidity led within 24 hours to a public lack of confidence and concerns that savings were at risk, and the bank failed following a bank run as people rushed to withdraw their savings ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institutional Investors
An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked companies, insurers, pension funds, sovereign wealth funds, charities, hedge funds, REITs, investment advisors, endowments, and mutual funds. Operating companies which invest excess capital in these types of assets may also be included in the term. Activist institutional investors may also influence corporate governance by exercising voting rights in their investments. In 2019, the world's top 500 asset managers collectively managed $104.4 trillion in Assets under Management (AuM). Although institutional investors appear to be more sophisticated than retail investors, it remains unclear if professional active investment managers can reliably enhance risk-adjusted returns by an amount that exceeds fees and expenses of investment management, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Myners
Paul Myners, Baron Myners, (1 April 1948 – 16 January 2022) was a British businessman and politician. In October 2008 he was elevated to the House of Lords as a life peer and was appointed City Minister in the Labour Government of Gordon Brown, serving until May 2010. As City Minister Myners was responsible for overseeing the financial services sector during the global financial crisis and its aftermath, including leading the controversial 2008 United Kingdom bank rescue package. Myners sat in the House of Lords as a Labour peer until 2014, resigning to become a non-affiliated member before joining the crossbench group in 2015. Myners began working in the financial sector in 1974 at N M Rothschild & Sons and was appointed to the board of directors in 1977. Subsequently, he held a number of high-profile business roles, including as chairman of Gartmore Group, Land Securities and Marks & Spencer. He also served in a number of third sector and public service posts, including ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, natural gas, communications, and pulp and paper company, with claimed revenues of nearly $101 billion during 2000. ''Fortune'' named Enron "America's Most Innovative Company" for six consecutive years. At the end of 2001, it was revealed that Enron's reported financial condition was sustained by an institutionalized, systematic, and creatively planned accounting fraud, known since as the Enron scandal. Enron has become synonymous with willful corporate fraud and corruption. The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the enac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derek Higgs
Sir Derek Alan Higgs (3 April 1944 – 28 April 2008) was an English businessman and merchant banker. He was knighted in 2004. His father, Alan Higgs, was a multimillionaire through property businesses in the Midlands. Early life Sir Derek was born in Birmingham, Warwickshire and was educated at Solihull School, and in 1963 he went to the University of Bristol and graduated in Economics and Accounting in 1966. Business career After graduating from the University of Bristol in 1966, Sir Derek joined Price Waterhouse, a large accountancy firm, and after training he qualified as a Chartered Accountant. In 1969 he became a corporate finance executive at Baring Brothers, a merchant bank. He moved-on and joined S. G. Warburg & Co. in 1972 and continued his career in merchant banking. He was also a board member of several companies including Prudential, British Land, and Coventry City Football Club. In 2002 the British Labour Government commissioned Sir Derek to chair the '' Rev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Higgs Review
''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] |
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] |
Imperial Chemical Industries
Imperial Chemical Industries (ICI) was a British chemical company. It was, for much of its history, the largest manufacturer in Britain. It was formed by the merger of four leading British chemical companies in 1926. Its headquarters were at Millbank in London. ICI was a constituent of the FT 30 and later the FTSE 100 indices. ICI made general chemicals, plastics, paints, pharmaceuticals and speciality products, including food ingredients, speciality polymers, electronic materials, fragrances and flavourings. In 2008, it was acquired by AkzoNobel, which immediately sold parts of ICI to Henkel and integrated ICI's remaining operations within its existing organisation. History Development of the business (1926–1944) The company was founded in December 1926 from the merger of four companies: Brunner Mond, Nobel Explosives, the United Alkali Company, and British Dyestuffs Corporation. It established its head office at Millbank in London in 1928. Competing with DuPont a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
