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The Cadbury Report

The Corporate Governance Committee was set up in May 1991 by the Financial Reporting Council, the Stock Exchange and the accountancy profession in response to continuing concern about standards of financial reporting and accountability.


The report

The financial aspects of corporate governance 
The final report of the Committee on the Financial Aspects of Corporate Governance as published in December 1992.

The committee was chaired by Sir Adrian Cadbury and had a remit to review those aspects of corporate governance relating to financial reporting and accountability. The final report 'The financial aspects of corporate governance' (usually known as the Cadbury Report) was published in December 1992 and contained a number of recommendations to raise standards in corporate governance.


The Library provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Corporate governance - Cadbury

Guide to the duties of modern finance directors. Chapter 6 looks at corporate governance and summarises the Cadbury Report.

Corporate governance - the historical background

An introduction to governance for directors and executives. Chapter 1 looks at the historical background and gives an overview of the Cadbury Report.

Introduction and background

Chapter 1 looks at the development of corporate governance and specifically the history of corporate governance in the UK.

Overview of corporate governance - The Cadbury Code

The key institutions, products and professions of the City of London. Chapter 25 is a overview of corporate governance and outlines the Cadbury report.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use. 

Applying the comply-or-explain principle

The comply-or-explain principle is a central element of most codes of corporate governance. Despite its wide application very little is known about the ways in which comply-or-explain is used. This paper addresses this by analyzing compliance statements and reports of 257 UK and German listed companies.

Creating better boards through codification: Possibilities and limitations in UK corporate governance, 1992–2010

An academic article analysing the three main versions of the UK code of corporate governance and looking back at the worldwide wave of official and semi-official codes that followed the Cadbury report.

Gender diversity in the FTSE 100: The business case claim explored

Academic article; tracks the corporate governance diversity story from the 1992 Cadbury Report to the 2011 Davies Report and investigates whether female board appointments enhance corporate profits.

Board composition, corporate performance, and the Cadbury Committee recommendation

The authors investigate the changes in board membership and corporate performance for UK firms from 1989 to 1996, a period contemporary with the Cadbury report.

Corporate governance codes and the supply of corporate information

Article on how the introduction of the Cadbury, Greenbury and Hampel reports was accompanied by a significant increase in the number of news announcements by UK listed companies.

An analysis of changes in board structure during corporate governance reforms

Using data over a time period following the publication of the Cadbury Report (1992), the authors present evidence of an increase in the independence of UK boards.

Corporate governance: from accountability to enterprise

Discusses the development of the corporate governance debate in the UK, including the reports of the Hampel Committee

Corporate governance; overcoded? Has Hampel meant progress?

Evaluates attempts at instilling clarity and transparency in UK corporate governance.

Corporate Governance Report: From Greenbury to Hampel - a mid-term report on developments in directors' remuneration

Comments on the preliminary report of the Hampel Committee and provides data on directors' incentive and pay schemes.

Preliminary Report of the UK Committee on Corporate Governance chaired by Sir Ronald Hampel

Summarises the preliminary report of Great Britain's Committee on Corporate Governance chaired by Sir Ronald Hampel, dated August 1997.

Terms of use: You are permitted to access articles subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Useful links

The Cadbury Archive 
The Cadbury Archive at Cambridge Judge Business School is a collection of material from Sir Adrian Cadbury's time as chairman of the Committee on the Financial Aspects of Corporate Governance. The archive includes agendas, minutes and research relating to the committee's activities with a search tool to locate material of interest.

When is comply or explain the right approach? 
A December 2013 ICAEW report on promoting good corporate governance and the role of comply or explain as a means to that end. The Cadbury Code is widely seen as the first comply-or-explain governance code.

Articles and books in the Library collection

Selected articles and books

Click on the links below to see our catalogue record and holdings for each item. Please contact us if you would like to borrow a book or request a copy of an article.

Stay in control: boards risk losing sight of committees
Governance and Compliance: the ICSA Magazine, January 2015, pages 26-27
The UK Corporate Governance Code, says the author, has evolved into a code on nomination, remuneration and audit committees, with some overarching principles applicable to the board as a whole. The Financial Reporting Council (FRC) needs to start a debate on how the non-executive role should evolve, says the author: the model envisaged by the Cadbury Committee is rapidly becoming obsolete.

The Cadbury committee: a history 
Spira, L.F. (Oxford University Press, 2013) 
This book explores the origins of the Committee, provides insights into the way in which it worked, and documents the reaction to the publication of the Committee's report.

Comply or explain: 20th anniversary of the UK Corporate Governance Code 
(FRC, 2012)
 A collection of essays published by the Financial Reporting Council to mark the 20th anniversary of the Cadbury Code, which introduced the UK's 'comply or explain' approach to best practice in the organisation of corporate boardrooms and their relations with shareholders. The collection draws on the experience of a wide range of individuals both here and overseas, reflecting the global impact of 'comply or explain' and its contribution to the UK's role as an international financial centre.

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