Global Corporate Governance Movement

Shital Jhunjhunwala ()
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Shital Jhunjhunwala: University of Delhi

Chapter Chapter 5 in Corporate Governance, 2023, pp 101-128 from Springer

Abstract: Abstract Development of CG Codes and Regulations—Role of scams The chapter traces corporate governance movements beginning with the UK scams of Poly Peck, Maxwell and BCCI. Consequently, the first code on CG the “Financial Aspects of Corporate Governance” popularly known as Cadbury Report was framed in 1992. After the Cadbury Report, UK set up many committees (Greenbury, Hamley, Turnbull, Higgs, Smith) to examine different aspects of corporate governance and the code went through several changes to its present form. After the scams in UK and other parts of the world, regulators in various countries realized that there is a need to strengthen corporate governance regulations and began to develop codes. The Enron and WorldCom Scandals in USA led to the creation of the Sarbanes-Oxley Act in 2002. This brought corporate governance to the limelight and into the corporate boards. The Satyam fiasco forced India to revamp its Companies Act and create new regulation—the Listing Obligation and Disclosure Requirement (2015). Only after a fraud is unearthed, regulators react and try to close the loop hole. They never seem to proactively take preventive measures.

Keywords: Scams; Fraud; Cadbury Report; SOX; Companies Act; LODR; Enron; Maxwell; WorldCom; Satyam (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-981-99-2707-4_5

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