The UK Corporate Governance Report (2010)

Louise Gorman, Ann-Marie Ward

Research output: Chapter in Book/Report/Conference proceedingEntry for encyclopedia/dictionary

Abstract

The UK Corporate Governance Code (2010), hereafter called the ‘UKGC Code’, provides the framework of guidelines on best practice in corporate governance for corporations listed on the main markets of the London and Irish Stock Exchanges. The UKCG Code has statutory backing for listed corporations as compliance with the UKCG Code is a requirement of the Financial Conduct Authority’s Listing Rules. Corporations listed on the London Stock Exchange must comply with the Listing Rules under the Financial Services and Markets Act (2000). Moreover, listed corporations much disclose that they have complied with the UKCG Code, or provide explanations where they have not. The UKCG Code originates from the Cadbury Report (1992), the recommendations of which were developed in the Combined Codes of 1998, 2003, 2006 and 2008. The creation of the UKCG Code was a primary outcome of the Walker Review of the Effectiveness of Corporate Governance in the UK Banks and Other Financial Institutions (2009) (the Walker Review). Relative to prior codes of best practice, considerably more encouragement is given to boards of directors to follow the spirit of the UKGC Code as well as its letter. Sustainable performance as a means of long-term wealth generation is a dominant theme. This chapter presents the background to the UKCG Code and discusses its principles and provisions with a focus on those that are distinct from previous guidelines in place in the UK. The chapter concludes by evaluating the extent to which the UKCG Code serves to promote accountability and corporate value creation.
Original languageEnglish
Title of host publicationEncyclopedia of Sustainable Management
EditorsS. Idowu, R. Schmidpeter, N. Capaldi, L. Zu, M. Del Baldo, R. Abreu
Place of PublicationSwitzerland
PublisherSpringer Nature
Chapter57
Number of pages5
Volume57
Edition1
ISBN (Electronic)978-3-030-02006-4
DOIs
Publication statusPublished - 5 Apr 2020

Keywords

  • Corporate governance
  • board behaviour
  • combined code

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    Gorman, L., & Ward, A-M. (2020). The UK Corporate Governance Report (2010). In S. Idowu, R. Schmidpeter, N. Capaldi, L. Zu, M. Del Baldo, & R. Abreu (Eds.), Encyclopedia of Sustainable Management (1 ed., Vol. 57). [1] Springer Nature. https://doi.org/10.1007/978-3-030-02006-4_57-1