ABSTRACT
Corporate governance is concerned with the relationship between the structure of rules, laws and conventional practices within which companies operate and their style of management and the decisions that they make.1 This concern is clearly close to that of participants in the regulatory debate. In the UK, the corporate governance system has been defined as predominantly 'self-regulatory' in nature insofar as members of the regulated sector create the rules, supervise activ ity and operate enforcement mechanisms.2 This is also relevant since regulation may not just consist of public interventions but also may be delegated through use of 'self-regulation'.3
