Development of Corporate Governance in United States
SARBANES - OXLEY ACT 2002
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Chaired by Sir Adrian Cadbury Set up in May 1991 by FRC, the Stock Exchange of London & the accountancy profession. The impetus for the creation of the Committee was a growing lack of investor confidence in the honesty and responsibility of listed companies. Caused in particular by the sudden financial collapse of two companies .[ wallpaper group Coloroll and Asil Nadir's Polly Peck consortium] The final report 'The financial aspects of corporate governance' (usually known as the Cadbury Report) was published in December 1992 and contained a number of recommendations to raise standards in corporate governance. The central components of this voluntary code, the Cadbury Code, identifies three themes : ü The structure and responsibilities of boards of directors. ü The role of auditors and recommendations to the accountancy profession, and ü The rights and responsibilities of shareho...
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