Good corporate governance needs a helping hand

Article Abstract:

The recession has exposed companies who have overstretched themselves during the growth years and are now suffering in an environment of economic depression. Corporate failures are the result of a dominating executive body, inefficient board practices, unskilled board members, short-term profit goals and insufficient financial control systems. Moreover, financial exposure became uncontrollable due to complicated dealings and financial arrangements, inability to adapt to economic changes and resistance to accept failures. To prevent further corporate breakdowns, the Cadbury Committee released guidance on proper corporate governance. However, the voluntary system that it advocates may not prove to be beneficial in the long run. In its place, a Corporate Governance Panel comprising of representatives from various companies, shareholders and lenders should be established. Its role would be to address issues on corporate wrongdoing as it improves on the Cadbury code of conduct .

Management, Evaluation, Corporations, British

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Into the 21st century

Article Abstract:

The Company Law Review Steering Group's philosophy is to justify those items for inclusion in the U.K. company law rather than justify those for exclusion. Emphasis is also placed on the issue of accountability, directors' duties, internet-based reporting and auditing proposals and audit liability.

United Kingdom, Corporations, Corporation law, Company Law Review Steering Group

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A chance to renew our skills

Article Abstract:

The proposed changes to UK company law are discussed. Their possible effect on the accountancy profession and on auditors' liability are explored and the importance of the new Operating and Financial Review is stressed.

Laws, regulations and rules, Accounting, Practice, Accountants

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