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Absolute Essentials of Corporate Governance

The rise in the importance of corporate governanceThe Cadbury definitionCriticisms of the definitionThe main actorsShareholdersManagersAuditorsOther actorsConceptual problems in corporate governanceWho are businesses run for? And how are they run?The veil of incorporationLegal personalityHow are they run?The directorsThe directors and the agency problemWho gets the rewards and in what proportions?‘The controlling mind’problemOutright criminalityOther actors - the stakeholdersCorporate social responsibility - are companies ‘citizens ’?Audit and financial information - what is the value of the audit?The timing problem of accountingShare marketplace problems - market structural changes; market dynamics; the purpose of the Stock MarketOther conceptual problemsA brief history of corporate governanceSummaryThe crash 2007-2008 and aftermathThe current position of corporate governance in the UK: Part 1: overall positionLegislationThe Companies Act 2006The Bribery Act 2010Corporate Manslaughter and Corporate Homicide Act 2007Criminal Finances Act 2017Companies (miscellaneous reporting) regulations 2018Financial Services and Markets Act 2000 and amending legislationSignificant regulationUK Corporate Governance CodeThe Listing RulesPremium ListingStandard ListingThe High Growth Segment (HGS)Disclosure and transparency’ requirementsARGA (FRC) accounting standardsOther regulations of noteStewardship rulesQuoted Companies Alliance rulesWates PrinciplesPrinciple one: purposePrinciple two: compositionPrinciple three: responsibilitiesPrinciple four: opportunity and riskPrinciple five: remunerationPrinciple six: stakeholdersThe current position of corporate governance in the UK: Part 2: individual provisionsShareholdersThe company secretaryThe boardIndividual directorsThe companyMarket obligationsMarket abuseReportingSharesCorporate governance around the world: particular featuresThe European Union and individual countries: originsItalyThe Parmalat affairThe Banco Ambrosiano affairThe Monte dei Paschi affairFranceGermanyThe USACharacteristics of the USA corporate governance landscapeThe Sarbanes-Oxley Act (also ‘S-Ox’or ‘SarbOx’)IndiaJapanSouth KoreaHong KongSouth AfricaRussiaThe Russian ‘company charter’ equates to articlesBoard structureDisclosure issuesShareholder rightsThe future of corporate governanceSize of companiesCompany and state - issues of powerCompany and state - instruments of policyThe internetTechnological changeControlling mindPrinciple and spirit versus letter of the law regulationInadequate regulationComplexity of environment - climate change: sustainabilityFounders’ sharesEmployee ‘empowerment’ and governance internalisationCultural issues - the purpose of shares in listed companiesAppendix: Accounting and corporate scandals

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