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Myners Report
''Institutional Investment in the UK: A Review'' (the ''Myners Report'') was a report to HM Treasury in March 2001 on institutional investors. It was delivered by Paul Myners. Government was concerned that institutional investors were giving insufficient attention and resources to their holdings in non-listed companies. The report addressed this, in particular concerning pension fund trustees and fund managers. Though some anticipated creation of public interest duties, the Report took the approach of asking whether institutional investors were acting in the best interests of their beneficiaries. Summary The report questions whether institutional investors in the UK are too risk averse and considers if there are any factors distorting the decision-making by institutional investors. Back in 2001 UK pension funds were only investing 0.5% of their portfolio into venture capital, whereas the US equivalents invested 5%. See also * Combined Code * Cadbury Report (1992) * Greenbury Re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced. History The origins of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror. This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was stored. The Treasury of the United Kingdom thus traces its origins to the Treasury of the ... [...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] |
Institutional Investor
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 managemen ... [...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] |
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] |
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] |
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] |
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] |
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] |
2001 In The United Kingdom
Events from the year 2001 in the United Kingdom. Incumbents *Monarch – Elizabeth II *Prime Minister – Tony Blair (Labour) *Parliament ** 52nd (until 14 May) ** 53rd (starting 13 June) Events January * 5 January – A report by the Department of Health suggests that Dr Harold Shipman, convicted of 15 murders a year ago, may have killed more than 300 patients since the 1970s. * 8 January ** The High Court rules that the identities and whereabouts of the two killers of James Bulger are to be kept secret for the rest of their lives. Robert Thompson and Jon Venables, both now aged 18, are expected to be released from custody later this year. ** Sexual Offences (Amendment) Act 2000 comes into effect, reducing the age of consent for male homosexual sexual acts to that for heterosexual and lesbian acts, sixteen (seventeen in Northern Ireland). * 9 January – Sven-Göran Eriksson begins his job as manager of the England football team six months ahead of schedule, having resign ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reports Of The United Kingdom Government
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] |
