The Committee on the Financial Aspects of Corporate Governance,
better known as the Cadbury Committee, was set up in May 1991 to
address the concerns increasingly voiced at that time about how UK
companies dealt with financial reporting and accountability and the
wider implications of this. The Committee was sponsored by the
London Stock Exchange, the Financial Reporting Council, and the
accountancy profession, and published its final report and
recommendations in December 1992. Central to these was a Code of
Best Practice and the requirement for companies to comply or to
explain to their shareholders why they had not done so. The
recommendations and the Code provided the foundation for the
current system of corporate governance in the UK and have proved
very influential in corporate governance developments throughout
the world. While academics and practitioners have explored and
discussed the developments in corporate governance since 1992,
little attention has been paid to the processes of code and policy
development. This book explores the origins of the Committee,
provides rich insights in to the way in which it worked, and
documents the reaction to the publication of the Committee's
report. The issues which the Committee addressed are still of great
concern: the complex relationships through which corporations are
held to account have profound effects on all our lives. The
Committee provided a framework for thinking about these issues and
established a process through which such thinking could be
articulated and continue to evolve. This book represents a major
contribution to the history of the development of UK corporate
governance in the late twentieth century: the why, how, what, and
when of governance development.
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