chapter  5
15 Pages

Financial Conduct Authority – issue of shares to the public

Corporate governance developments in the United Kingdom are of relatively recent date. The Committee on the Financial Aspects of Corporate Governance the Cadbury Committee published its final report in December 1992. The Hampel Committee produced a set of principles and a Code which comprehends the work of the Cadbury, Greenbury and Hampel Committees the Combined Code. The Turnbull Committee was set up by the Institute of Chartered Accountants in England and Wales. The Higgs Report considered the position of non-executive directors. The Smith Review, chaired by Sir Robert Smith and set up by the Financial Reporting Council, considered the guidance for audit committees. All companies incorporated in the UK and listed on the London Stock Exchange are required under the Listing Rules to report on how they have applied the Combined Code in their annual report and accounts. The first version of the UK Code on Corporate Governance was produced by the Cadbury Committee in 1992.