ABSTRACT
This chapter questions the importance of recent changes in the regulation of UK corporate governance. Michael Moran has observed that a new regulatory state is emerging. In the case presented here new authority was created but little changed substantively. Under Labour and Conservative ministers, governance policy was reactive and cautious. For all the new institutional capacity, governance problems and policies were conceived within existing structures of power and advantage. Any ambitions to social control that threatened the political-economic status quo were ruled out. While this may be no surprise, it suggests regulatory reorganisation need not herald dramatic change, even when politicised.
