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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] |
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] |
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] |
Greenbury Report
The Greenbury Report released in 1995 was the product of a committee established under the auspices of the United Kingdom Confederation of British Industry. The committee was formed at the behest of the President of the Board of Trade, Michael Heseltine, as a result of several scandals in the early 1990s. It followed in the tradition of the Cadbury Report and addressed a growing concern about the level of director remuneration. The modern result of the report is found in thUK Corporate Governance Codeat section D. Committee Members Sir Richard Greenbury, Chairman & CEO, Marks and Spencers. Sir David Chapman Partner, Wise Speke Stockbrokers. Sir Michael Angus, Chairman, Boots/Whitbread. Sir Denys Henderson, Chairman, Rank Organisation. Mr Geoff Lindey, JP Morgan. Mr Tim Melville-Ross, Director general, Institute of Directors. Mr George Metcalfe Chairman & CEO, UMECO. Sir David Simon, Chairman, BP. Sir Iain Vallance, Chairman, BT. Mr Robert Walther, CEO, Clerical Medical. ... [...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] |
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] |
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] |
Listing Rules
The Listing Rules (LR) are a set of regulations applicable to any company listed on a United Kingdom stock exchange, subject to the oversight of the Financial Conduct Authority (FCA). The Listing Rules set out mandatory standards for any company wishing to list its shares or securities for sale to the public, including principles on executive pay and the requirement to comply or explain noncompliance with the UK Corporate Governance Code, the requirements of information in a prospectus before an initial public offering of shares, new share offers, rights issues, disclosure of price sensitive information, or takeover bids for companies. Overview *LR 1, Preliminary: All securities *LR 2, Requirements for listing: All securities *LR 3, Listing applications: All securities *LR 4, Listing particulars for professional securities market and certain other securities: All securities *LR 5, Suspending, cancelling and restoring listing: All securities *LR 6, Additional requirements for premiu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Reporting Council
The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management. In December 2018, an independent review of the FRC, led by Sir John Kingman, recommended its replacement by a new Audit, Reporting and Governance Authority, a recommendation followed by the government in March 2019. Ireland adopted the FRC's auditing framework in 2017. Structure The FRC is a company limited by guarantee, and is funded by the audit profession, who are required to contribute under the provisions of the Companies Act 2006 and by other groups subject to, or benefitting from FRC regulation. Its board of directors is appointed by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reports On Finance And Business
A report is a document that presents information in an organized format for a specific audience and purpose. Although summaries of reports may be delivered orally, complete reports are almost always in the form of written documents. Usage In modern business scenario, reports play a major role in the progress of business. Reports are the backbone to the thinking process of the establishment and they are responsible, to a great extent, in evolving an efficient or inefficient work environment. The significance of the reports includes: * Reports present adequate information on various aspects of the business. * All the skills and the knowledge of the professionals are communicated through reports. * Reports help the top line in decision making. * A rule and balanced report also helps in problem solving. * Reports communicate the planning, policies and other matters regarding an organization to the masses. News reports play the role of ombudsman and levy checks and balances on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of The United Kingdom
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland, England, and Wales shared a monarch from 1601 but their economies were run separately until they were unified in the 1707 Act of Union. Ireland was incorporated in the United Kingdom economy between 1800 and 1922; from 1922 the Irish Free State (the modern Republic of Ireland) became independent and set its own economic policy. Great Britain, and England in particular, became one of the most prosperous economic regions in the world between the late 1600s and early 1800s as a result of being the birthplace of the industrial revolution that began in the mid-eighteenth century. The developments brought by industrialization resulted in Britain becoming the premier European and global economic, political, and military ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998 In Economics
1998 was designated as the ''International Year of the Ocean''. Events January * January 6 – The ''Lunar Prospector'' spacecraft is launched into orbit around the Moon, and later finds evidence for frozen water, in soil in permanently shadowed craters near the Moon's poles. * January 11 – Over 100 people are killed in the Sidi-Hamed massacre in Algeria. * January 12 – Nineteen European nations agree to forbid human cloning. * January 17 – The ''Drudge Report'' breaks the story about U.S. President Bill Clinton's alleged affair with Monica Lewinsky, which will lead to the United States House of Representatives, House of Representatives' impeachment of him. February * February 3 – Cavalese cable car disaster (1998), Cavalese cable car disaster: A United States military pilot causes the deaths of 20 people near Trento, Italy, when his low-flying EA-6B Prowler severs the cable of a cable-car. * February 4 – The 5.9 February 1998 Afghanistan earthquake, Afghanistan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998 In The United Kingdom
Events from the year 1998 in the United Kingdom. Incumbents *Monarch – Elizabeth II *Prime Minister – Tony Blair (Labour) *Parliament – 52nd Events January * 5 January – The UK takes over the Presidency of the EC's Council of Ministers until 30 June. February * 3 February – Stamps commemorating the late Diana, Princess of Wales, go on sale across the UK. * 7–22 February – Great Britain and Northern Ireland compete at the Winter Olympics in Nagano, Japan, and win one bronze medal. * 12 February – Mohamed Al Fayed, the father of Dodi Fayed, says that he is "99.9% certain" that his son's death in the car crash that also claimed the life of Diana, Princess of Wales on 31 August 1997 was a conspiracy to kill rather than an accident. He also claims that his son had purchased an engagement ring just before the crash and had been preparing to propose marriage to Diana. A lawyer in Mr Al Fayed's native Egypt was planning to sue the Queen and UK Prime Minister Tony Bla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
