WIREDGOV

The Financial Reporting Council has yesterday published a collection of essays to mark the 20th anniversary of the Cadbury Code which introduced the UK’s “comply or explain” approach to best practice in the organisation of corporate boardrooms and their relations with shareholders.

The collection draws on the experience of a wide range of individuals both here and overseas, reflecting the global impact of “comply or explain” and its contribution to the UK’s role as an international financial centre. It will be debated tonight (6 November) at an event hosted jointly by the FRC and the London Stock Exchange.

FRC Chairman Baroness Hogg said:

“After 20 years it is right to stand back and reflect. These essays give a series of contrasting perspectives. They show both that “comply or explain” has achieved a lot, but in many ways it is still a work in progress.

“We owe a lot to Sir Adrian Cadbury, who introduced the Cadbury code all those years ago, and the collection of essays we and the LSE are publishing today seeks to illustrate how much serious thought is given to developing what he started.”

1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
2. The collection of essays entitled Comply or Explain: 20th Anniversary of the UK Corporate Governance Code is available to download in pdf format at the following address: http://www.frc.org.uk/Our-Work/Publications/Corporate-Governance/Comply-or-Explain-20th-Anniversary-of-the-UK-Corpo.aspx. Alternatively, please contact the publications team on a.chambers@frc.org.uk at the FRC to order hard copies of the document.

1. All press enquiries should be directed to: Oliver Parry, FRC Head of Communications, on telephone: 020 7492 2397 or email: o.parry@frc.org.uk.