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Review Of Cadbury

871 words - 4 pages

A REVIEW ON CADBURY REPORT
Prepared By: JST 2014

Introduction
• The Cadbury report was once referred to as The Report of The Committee on the Financial Aspects of Corporate Governance. The report was published in December 1992, following the recommendations of the Cadbury Committee. • Address concerns about the working of the corporate governance system. • The Committee made it its purpose to address the financial aspects of corporate governance and out of this produced a Code of Best Practice.

The Committee
• The Cadbury Committee was established in May 1991 by the Financial Reporting Council, the London Stock Exchange, and the accountancy profession. • Reasons:  Increasing lack ...view middle of the document...

e. those listed on a Stock Exchange Focused on preventing corporate collapses such as Enron, Polly Peck and the Maxwell companies

Corporate governance based on Africa

What relevance does it have to Africa where there are few public listed companies Most companies are non-listed, private family owned businesses where the shareholders and the managers are often the same people

Four pillars of Corporate
Governance

Accountability Fairness Transparency

Independence

Accountability

Ensure that management is accountable to the Board

Ensure that the Board is accountable to shareholders

Fairness

Protect Shareholders rights Treat all shareholders including minorities, equitably Provide effective redress for violations

Transparency

Ensure timely, accurate disclosure on all material matters, including the financial situation, performance, ownership and corporate governance

Independence

Procedures and structures are in place so as to minimize, or avoid completely conflicts of interest Independent Directors and Advisers i.e. free from the influence of others

Cadbury Report 1992
This, more than any other initiative in corporate governance reform, has led to the shift of directors’ dialogue towards greater accountability and engagement with shareholders…’ and  ‘…has generated the more significant change of corporate responsibility toward a range of stakeholders, encouraging greater corporate social responsibility in general’

Solomon, 2007

CONT’D……..

The report covered three areas
 Directors ▪ It defined the composition of the board, its responsibilities, and the responsibilities of the chairman, and the audit and remuneration committees.  Auditing  Shareholders
‘Fat cats’

Corporate Governance in Africa

In 1994, The King Report in South Africa also included within its Code of Corporate Governance requirements on sustainability and ethical standards

This was due to the context of a developing country and business ethics in Africa

Stakeholders

Sustainability recognizes stakeholder rights...

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