Corporate Governance Reports in Brief

1. Cadbury Report 1992 First attempt to formalize corporate governance best practice Forerunner of numerous policy documents, principles, guidelines and codes of practice ligning manager!s interest "it# t#ose of t#eir s#are#olders $#e legal responsibility imposed on directors %ndependent e&ternal audit 'verseeing by t#e regulator (mp#asizes t#e importance of corporate transparency and communication "it# s#are#olders and ot#er sta)e#olders Focus on t#e importance of institutional investors

2. Greenbury Report 199* Focused on director!s remuneration (mp#asized t#e importance of establis#ing a balance bet"een directors! salaries and t#eir performance

+. ,ampel report 199 Broug#t toget#er all t#e issues covered in Cadbury and Greenbury. (mp#asized t#e need to maintain a principles.based , voluntary approac# to corporate governance rat#er t#an a more rule base regulated approac# li)e in /0 1ension fund trustees "ere targeted by t#e report as a group "#o needed to ta)e t#eir corporate governance responsibilities more seriously Criticism made against t#e ,ampel Report "as t#at2 %t represented t#e interests of company directors more t#an t#ose of s#are#olders.3 muc# of t#e positive impact from t#e Cadbury Report "as diluted by it.

4. Combined Code 199-

Combined Code broug#t toget#er all t#e issues covered in Cadbury and Greenbury. Combined Code is t#e currently applicable code of best corporate governance practice for listed companies in important stoc) e&c#anges li)e 5ondon 0toc) (&c#ange $#e first part covered t#e principles for2 o 6irectors o 6irectors! remuneration o Relations "it# s#are#olders o ccountability and audit

$#e second part covered 2 o 0#are#older voting o (valuation of Governance 6isclosures

*. $urnbull Report 1999. 6irect result of Barings ban) failure in 199* Barings failure "as mainly due to failure of ris) management and internal control 0o attention "as also specifically c#anneled to"ard t#ese areas $#e $urnbull Report soug#t to provide an e&plicit frame"or) for reference, on "#ic# companies and boards could model t#eir individual systems of internal controls.