Preview

Development of the Uk Code of Corporate Governance

Best Essays
Open Document
Open Document
2972 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Development of the Uk Code of Corporate Governance
Title：DEVELOPMENT OF THE UK CODE OF CORPORATE GOVERNANCE

Module title: Corporate Governance
LEVEL: 6

Module code: 6BUS1005

Student name: Qiao Wang

Student number:

World account: 2348

Contents

Introduction 3
Part I 3 The Combined Code 2003 3 Cases 5 1.Cadbury Code Report–(1992) Maxwell &Polly Peck 5 2.Cadbury Code Report (1992)-BCCI 6 3.Greenbury Report (1995)-British Gas 7 4.Hample report (1998) 7 5.Turnbull report (1999)-Barings 7 6.Higgs & Smith Report (2003)-Enron, WorldCom and Tyco 8
Part II 9
Conclusion 9
References 11

DEVELOPMENT OF THE UK CODE OF CORPORATE GOVERNANCE
Introduction
As Brian (2005) considers that corporate governance refers to the way in which companies and governed, and to what purpose, it also is a system, policy, statute, to lead, manage, control companies. The high quality corporate governance can help companies to underpin their long-term performance. Emmanue (2012) said that Wally corporate governance has become increasingly recognised worldwide as essential for the efficient functioning of market economies and to ensure that they function in the interests of the wider society, and it not just those with power and wealth. Corporate governance systems are not perfect, it has defected and leak, therefore, it results in many corporates collapse. In end of 1980s and began 1990s, the corporate governance scandals start to development in the UK. There were many corporate scandals happened, the financial reporting malfeasance, because of this reason, it led to the establishment of the Corporate Governance Committee code by Financial Reporting Council in 2003. The Combined Code can apply to the corporates that on the primary market of the London stock Exchange listed. In this essay part one, it will going to analysis the combined code, and through some cases to analysis their relationship, after this, it will
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Ethics Case 3-3: United Thermostatic Controls Case
    • 932 Words
    • 4 Pages

    Ethics Case 3-3: United Thermostatic Controls Case

    Corporate governance is a commonly used phrase to describe a company’s control mechanisms to ensure management is operating according to policies and regulations. Examples of such mechanisms are a company’s internal controls systems, internal audits, external audits, and an audit committee. Corporate governance aims to prevent accounting abuse and fraud. A strong corporate governance system is built upon a strong ethical foundation that supports producing precise and transparent financial statements..…

    • 932 Words
    • 4 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Examining Corporate Governance Policies
    • 460 Words
    • 2 Pages

    Examining Corporate Governance Policies

    The article is related to the assessment task on corporate governance and its effects to business ethics. Bitner and Dasher (2007, pp 4-5) explains about general understandings of what a “Corporate Governance” is and emphasizes on the importance of corporate governance through explaining the four key steps for a business to conduct good corporate governance practices; organization and operations, financial reporting and risk assessments, internal control and oversight authority. This information provided by Bitner and Dasher (2007) is very useful whilst writing report because it explains how to overcome corporate failures by providing information to perform “good corporate governance practices” which relates back to our assessment questions “corporate governance and its relations to ethics”…

    • 460 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    ENRON Case Study
    • 1579 Words
    • 5 Pages

    ENRON Case Study

    The ways company is governed today have gone on for a change given the reform in audit functions and the likes. As it is with the case, effective financial reporting is the sole concern of companies. Hence, in recent development there has been a dramatic shift towards corporate governance, because the capital market mostly feeds on the effectiveness of…

    • 1579 Words
    • 5 Pages
    Better Essays
    Read More
  • Better Essays

    Mcbride Financial Services Governance Evaluation Paper
    • 2060 Words
    • 9 Pages

    Mcbride Financial Services Governance Evaluation Paper

    This paper will introduce possible corporate governance problems that led up to the scandals in the early 21st century. McBride, an online mortgage financial services organization, might be allured by tempting, unethical practices if they choose not to accept a previously proposed solution to their organizations’ structure. The influence of the governance rating system will be discussed and the implications this influence would have on the McBride organization. Two governance rating methodologies will be discussed and what effects they would have on…

    • 2060 Words
    • 9 Pages
    Better Essays
    Read More
  • Best Essays

    Analysis of Annual Report: Clive Peeters Limited
    • 2476 Words
    • 10 Pages

    Analysis of Annual Report: Clive Peeters Limited

    Auditing and Assurance Standards Board 2006, Related Parties, ASA 550, Auditing and Assurance Standards Board, viewed 1 May 2010,…

    • 2476 Words
    • 10 Pages
    Best Essays
    Read More
  • Good Essays

    Corporate Governance & Ethical Auditing
    • 949 Words
    • 4 Pages

    Corporate Governance & Ethical Auditing

    In this case study, we will first discuss briefly about the Satyam Fiasco and from a financial standpoint, we would discuss what led to the scam. We will gradually move towards understanding of Corporate Governance. This would cover what Corporate Governance means, what are the principles of Corporate Governance, what are the control mechanisms by which Corporate Governance can be regulated. We would then move to the loopholes on how Corporate Governance could be compromised and what precautionary measures should be taken to prevent a case like Satyam Fiasco in the future.…

    • 949 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Corporate Governance
    • 2329 Words
    • 10 Pages

    Corporate Governance

    Lack of proper corporate governance can be a disaster for campanies. In recent years, major Australian companies such as HIH, One.tel and Harris Scarfe failed under dramatic and high profile circumstances. As a result, executive and non executive directors from each of these companies have spent time in jail. They were vastly different companies, operating in different industries, and failed for very different reasons. However, there was one common link between them. All had poor corporate governance. In this paper, I would like to take the One.tel collapse as one example and analyse how it went collapse through its poor corporate governance.…

    • 2329 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Better Essays

    Evaluate the Internal and External Influence on Primark and Relate to It to Best Practices, Corporate Governance, Corporate Social Responsibility and Ethics?
    • 1760 Words
    • 8 Pages

    Evaluate the Internal and External Influence on Primark and Relate to It to Best Practices, Corporate Governance, Corporate Social Responsibility and Ethics?

    Report of the Committee on the Financial Aspects of Corporate Governance: The Code of Best Practice (Cadbury Code) - 1 December 1992…

    • 1760 Words
    • 8 Pages
    Better Essays
    Read More
  • Powerful Essays

    Corporate Accountability Abc Learning Case Study
    • 3456 Words
    • 14 Pages

    Corporate Accountability Abc Learning Case Study

    Corporate accountability and risk, although related, are distinct from one another. Corporate accountability suggests legal compliance, business ethics, sustainable development and corporate citizenship. Risk management essentially involves minimizing potential harms to both shareholders and stakeholders.…

    • 3456 Words
    • 14 Pages
    Powerful Essays
    Read More
  • Best Essays

    Governance Regulations Among Australia, South Africa, and United Kingdom
    • 1236 Words
    • 5 Pages

    Governance Regulations Among Australia, South Africa, and United Kingdom

    Business conditions and regulatory initiatives have resulted in a variety of codes and regulations to meet the needs of local capital markets[i]. For instance, in the United States, several major corporate and accounting scandals such as those perpetrated by Enron, WorldCom, Tyco International, and Adelphia communications resulted in the enactment of laws and rules to restore and maintain confidence in the financial markets. Other nations experienced similar situations and enacted rules and regulations to promote consumers and investors’ confidence in the financial market. This paper examined the major events that led to the enactment of corporate governance regulations in Australia, South Africa, and the United Kingdom (UK). And analyzed the similarities and differences among the regulations, and opined on the most comprehensive regulation.…

    • 1236 Words
    • 5 Pages
    Best Essays
    Read More
  • Best Essays

    Corporate Governance Tesco
    • 2252 Words
    • 7 Pages

    Corporate Governance Tesco

    Corporate governance is an essential part of every organisation and is defined as a set of rules, techniques and practices by which a company is coordinated and controlled according to aims and goals of the Organisation. Corporate governance basically includes adjusting the interests of the numerous partners in an organization - these incorporate its shareholders, administration, clients, suppliers, agents, government and the group. Proper management of corporate governance in an organisation reflects the success of Company. Thus, objectives of corporate governance are to maintain transparency in corporate transactions, taking into account corporate goals, effective decisions should be taken, protecting interests of organisation’s shareholders, commitment to values and moral conduct of company’s business. If corporate governance is not considered accordingly, it can lead to chaos in business markets. Essay covers corporate governance in Tesco Company, which is one of the leading and popular grocery and retail store.…

    • 2252 Words
    • 7 Pages
    Best Essays
    Read More
  • Best Essays

    Audit Committees and Corporate Governance in Public Sector - Article Review
    • 3336 Words
    • 14 Pages

    Audit Committees and Corporate Governance in Public Sector - Article Review

    The concept of audit committee and corporate governance is not a new concept that has been introduced in accounting. This concept has been practiced by every single company in this world because of audit committees has become increasingly important component in governing the company. It became increasingly recognised as a part of modern control structures and governance practices on both private sector and also public sector. Audit committee is an important element of public accountability and governance process and plays role as key to the integrity in both private and public sector (Vendernest, 2008). This is same with what have been said (Gautier et al 2007), audit committee plays very big roles in every company’s regardless small company or big company audit committees is not only important on business entity but also important to public sector entity, public sector entities include the state and local government, federal agencies, colleges and universities, hospitals, city councils and others related with government, that is why audit committees has been formed in order to focus on governance in a company or an organization. The Sarbanes-Oxley…

    • 3336 Words
    • 14 Pages
    Best Essays
    Read More
  • Best Essays

    The Effects of Regulatory Responses to the Recent Corporate Failures
    • 1741 Words
    • 7 Pages

    The Effects of Regulatory Responses to the Recent Corporate Failures

    Various corporate governance procedures have evolved over the years to manage financial crisis and respond to corporate misbehaviours; starting from the Glass-Steagall and Bretton Woods agreements which were developed to deliver a stable economy after the World War II to the Cadbury and Greenbury reports, both of which gave birth to the Combined Code. Infact, the passage of the Sarbanes-Oxley Act in the US was accelerated to curb the prevalent financial crisis and management impropriety which became even more apparent with the failure of Enron and Worldcom…

    • 1741 Words
    • 7 Pages
    Best Essays
    Read More
  • Satisfactory Essays

    Code of Corporate Governance, Pakistan
    • 460 Words
    • 2 Pages

    Code of Corporate Governance, Pakistan

    Corporate Governance is essential to be followed in any country and economy for its economic welfare. In Pakistan, Security and exchange commission of Pakistan is the core authority to assure the implication of corporate governance.…

    • 460 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Best Essays

    Corporate Governance, Accountability and Ethics in Goldman Sachs
    • 2587 Words
    • 11 Pages

    Corporate Governance, Accountability and Ethics in Goldman Sachs

    The greatest modern financial crisis is still unraveling the aftershocks now I feel is the most serious in Europe. In fact, the lifting of the mortgage crisis in the United States and bankruptcy homeowners damaged in progress, but is no longer news. The ultimate responsibility of the crisis, the responsibility of the nature and extent of the problem has not been a satisfactory answer. Therefore, the community has finally improved, responsibilities more solid. It involves the practice of, and vigorously promote low-quality products to customers of big banks, while hedging bets on their own account in the opposite direction. Crime here, is not hedged, but the lack of transparency to customers. Asked to assume greater responsibility and market regulators and government officials, as well as the Board of Directors of the Company, has been a positive impact of the financial crisis. Place to ensure duty-bound, and that corporate responsibility is indeed hope that the Board of Directors and the field of market regulation will be a lasting crisis. Clear from the lessons of the financial crisis has moved from the board of directors of the CEO and the Executive Board to shirk its responsibility for the operation of enterprises and survival. The responsibility of the enterprises has laid a lot of executives. The focus of governance is to provide appropriate security and protect shareholders' interests. This pressure led to the revolution of the economic value added, does not seem any security for many investors. The problem is that the lack of transparency to the business by the Board. It is this transparency, to provide the Board with sufficient confidence, it is recommended that the projections will be achieved. This essay will examine some of the Goldman Sachs’ corporate governance principles with specific regards to code of conducts and principles of responsibilities.…

    • 2587 Words
    • 11 Pages
    Best Essays
    Read More

Related Topics