Corporate governance refers to the mechanisms, processes, practices, and relations by which corporations are controlled and operated by their boards of directors, managers, shareholders, and stakeholders.
141-702: The Financial Reporting Council ( FRC ) is an independent regulator in the UK and Ireland based in London Wall in the City of London , responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes . The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management. In December 2018, an independent review of
282-828: A fair trial . The English monarchs, through inheritance of substantial territories in France and claims to the French crown, were also heavily involved in conflicts in France, most notably the Hundred Years' War , while the Kings of Scots were in an alliance with the French during this period. Early modern Britain saw religious conflict resulting from the Reformation and the introduction of Protestant state churches in each country. The English Reformation ushered in political, constitutional, social and cultural change in
423-521: A subpolar oceanic climate . Higher elevations in Scotland experience a continental subarctic climate and the mountains experience a tundra climate . The prevailing wind is from the southwest and bears frequent spells of mild and wet weather from the Atlantic Ocean, although the eastern parts are mostly sheltered from this wind. Since the majority of the rain falls over the western regions,
564-604: A welfare state was established, and a comprehensive, publicly funded healthcare system, the National Health Service , was created. The rise of nationalism in the colonies coincided with Britain's much-diminished economic position, so that a policy of decolonisation was unavoidable. Independence was granted to India and Pakistan in 1947. Over the next three decades, most colonies of the British Empire gained their independence, and many became members of
705-570: A broad view that firms should account for the interests of a range of stakeholders. For instance, managers do not have a fiduciary responsibility to shareholders. This framework is rooted in the belief that a balance among stakeholder interests can lead to a superior allocation of resources for society. The Japanese model includes several key principles: An article published by the Australian Institute of Company Directors called "Do Boards Need to become more Entrepreneurial?" considered
846-450: A government official to perform their routine duties more quickly). It also required corporations to establish controls to prevent bribery. Incorporation in the US is under state level legislation, but there important federal acts. in particular, see Securities Act of 1933 , Securities Exchange Act of 1934 , and Uniform Securities Act . The Sarbanes–Oxley Act of 2002 (SOX) was enacted in
987-463: A leading role in the movement to abolish slavery worldwide through the blockade of Africa and pressing other nations to end their trade with a series of treaties. In 1800 the parliaments of Great Britain and Ireland each passed an Act of Union, uniting the two kingdoms and creating the United Kingdom of Great Britain and Ireland on 1 January 1801. After the defeat of France at the end of
1128-762: A more aggressive and proactive regulator "will require a significant shift in culture at the FRC itself". Still under pressure to improve, in October 2018, the FRC proposed reforms, including banning from earning consultancy fees at businesses they audit, to tackle the "underlying falling trust in business and the effectiveness of audit," and severely rebuked KPMG. In July 2020, the FRC told the Big Four that they must submit plans by October 2020 to separate their audit and consultancy operations by 2024. Meanwhile, in November 2018, it
1269-853: A policy of splendid isolation in Europe, and attempted to contain Russian influence in Afghanistan and Persia , in what came to be known as the Great Game . During this time, Canada , Australia and New Zealand were granted self-governing dominion status. At the turn of the century, Britain's industrial dominance became challenged by the German Empire and the United States . The Edwardian era saw social reform and home rule for Ireland become important domestic issues, while
1410-459: A result of a shortage of workers in the 1950s, the government encouraged immigration from Commonwealth countries . In the following decades, the UK became a more multi-ethnic society. Despite rising living standards in the late 1950s and 1960s, the UK's economic performance was less successful than many of its main competitors such as France, West Germany and Japan. The UK was the first democratic nation to lower its voting age to 18 in 1969. In
1551-467: A result, executives can sacrifice long-term profits for short-term personal gain. Shareholders may have different perspectives in this regard, depending on their own time preferences , but it can also be viewed as a conflict with broader corporate interests (including preferences of other stakeholders and the long-term health of the corporation). The principal–agent problem can be intensified when upper management acts on behalf of multiple shareholders—which
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#17327941798661692-430: A result, there may be free-riding in steering and monitoring of upper management, or conversely, high costs may arise from duplicate steering and monitoring of upper management. Conflict may break out between principals, and this all leads to increased autonomy for upper management. Ways of mitigating or preventing these conflicts of interests include the processes, customs, policies, laws, and institutions which affect
1833-811: A series of connected wars (including the English Civil War ) which led to the temporary overthrow of the monarchy, with the execution of King Charles I , and the establishment of the short-lived unitary republic of the Commonwealth of England , Scotland and Ireland. Although the monarchy was restored , the Interregnum along with the Glorious Revolution of 1688 and the subsequent Bill of Rights 1689 in England and Claim of Right Act 1689 in Scotland ensured that, unlike much of
1974-542: A wide range of background. As of 2011 Paul George is its director, and John kellas is interim chair following the death of Dame Barbara Mills. The Auditing Practices Board Limited (APB) was originally established in 1991 as a committee of the Consultative Committee of Accountancy Bodies , to take responsibility within both Ireland and the United Kingdom for setting standards of auditing , with
2115-566: Is "Corporate governance describes the processes, structures, and mechanisms that influence the control and direction of corporations." This meta definition accommodates both the narrow definitions used in specific contexts and the broader descriptions that are often presented as authoritative. The latter include the structural definition from the Cadbury Report , which identifies corporate governance as "the system by which companies are directed and controlled" (Cadbury 1992, p. 15); and
2256-411: Is a constitutional monarchy and parliamentary democracy . The UK has three distinct jurisdictions: England and Wales , Scotland , and Northern Ireland . Since 1999, Scotland, Wales and Northern Ireland have their own governments and parliaments which control various devolved matters. A developed country , the UK has the world's sixth-largest economy by nominal gross domestic product (GDP). It
2397-600: Is a nuclear state , and is ranked fifth globally in military expenditure . The UK has been a permanent member of the UN Security Council since its first session in 1946. It is a member of the Commonwealth of Nations , Council of Europe , G7 , OECD , NATO , Five Eyes , AUKUS and CPTPP . British influence can be observed in the legal and political systems of many of its former colonies , and British culture remains globally influential, particularly in language , literature , music and sport . English
2538-572: Is a separation of ownership and management, the principal–agent problem can arise between upper-management (the "agent") and the shareholder(s) (the "principals"). The shareholders and upper management may have different interests. The shareholders typically desire returns on their investments through profits and dividends, while upper management may also be influenced by other motives, such as management remuneration or wealth interests, working conditions and perquisites, or relationships with other parties within (e.g., management-worker relations) or outside
2679-457: Is also known as "the unitary system". Within this system, many boards include some executives from the company (who are ex officio members of the board). Non-executive directors are expected to outnumber executive directors and hold key posts, including audit and compensation committees. In the United Kingdom, the CEO generally does not also serve as chairman of the board, whereas in the US having
2820-420: Is also referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice often revealing one's political preferences". The term "Great Britain" conventionally refers to the island of Great Britain, or politically to England, Scotland and Wales in combination. It is sometimes used as a loose synonym for the United Kingdom as a whole. The word England
2961-497: Is embedded in the ondernemingsrecht and, specifically for limited liability companies, in the vennootschapsrecht . In addition The Netherlands has adopted a Corporate Governance Code in 2016, which has been updated twice since. In the latest version (2022), the Executive Board of the company is held responsible for the continuity of the company and its sustainable long-term value creation . The executive board considers
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#17327941798663102-488: Is enforced by the U.S. Department of Justice and the Securities and Exchange Commission (SEC). Substantial civil and criminal penalties have been levied on corporations and executives convicted of bribery. Corporate governance principles and codes have been developed in different countries and issued from stock exchanges, corporations, institutional investors, or associations (institutes) of directors and managers with
3243-501: Is generally perceived that regulatory attention on the corporate governance practices of publicly listed corporations, particularly in relation to transparency and accountability , increased in many jurisdictions following the high-profile corporate scandals in 2001–2002, many of which involved accounting fraud ; and then again after the financial crisis in 2008 . For example, in the U.S., these included scandals surrounding Enron and MCI Inc. (formerly WorldCom). Their demise led to
3384-552: Is known for its practice of co-determination , founded on the German Codetermination Act of 1976, in which workers are granted seats on the board as stakeholders, separate from the seats accruing to shareholder equity. The so-called "Anglo-American model" of corporate governance emphasizes the interests of shareholders. It relies on a single-tiered board of directors that is normally dominated by non-executive directors elected by shareholders. Because of this, it
3525-458: Is modelled as a governance structure acting through the mechanisms of contract. Here corporate governance may include its relation to corporate finance . Contemporary discussions of corporate governance tend to refer to principles raised in three documents released since 1990: The Cadbury Report (UK, 1992), the Principles of Corporate Governance (OECD, 1999, 2004, 2015 and 2023), and
3666-507: Is occasionally used incorrectly to refer to the United Kingdom as a whole, a mistake principally made by people from outside the UK. The term "Britain" is used as a synonym for Great Britain , but also sometimes for the United Kingdom. Usage is mixed: the UK Government prefers to use the term "UK" rather than "Britain" or "British" on its website (except when referring to embassies), while acknowledging that both terms refer to
3807-416: Is often the case in large firms (see Multiple principal problem ). Specifically, when upper management acts on behalf of multiple shareholders, the multiple shareholders face a collective action problem in corporate governance, as individual shareholders may lobby upper management or otherwise have incentives to act in their individual interests rather than in the collective interest of all shareholders. As
3948-481: Is only the one specific nominal term 'Great Britain' which invariably excludes Northern Ireland". The BBC historically preferred to use "Britain" as shorthand only for Great Britain, though the present style guide does not take a position except that "Great Britain" excludes Northern Ireland. The adjective "British" is commonly used to refer to matters relating to the United Kingdom and is used in law to refer to United Kingdom citizenship and nationality . People of
4089-538: Is ranked 2nd out of 180 countries in the Environmental Performance Index . A law has been passed that UK greenhouse gas emissions will be net zero by 2050. England accounts for 53 per cent of the UK, covering 50,350 square miles (130,395 km ). Most of the country consists of lowland terrain, with upland and mountainous terrain northwest of the Tees–Exe line which roughly divides
4230-579: Is the Isle of Wight . Scotland accounts for 32 per cent of the UK, covering 30,410 square miles (78,772 km ). This includes nearly 800 islands , notably the Hebrides , Orkney Islands and Shetland Islands. Scotland is the most mountainous constituent country of the UK, the Highlands to the north and west are the more rugged region containing the majority of Scotland's mountainous land, including
4371-480: Is the degree to which companies manage their governance responsibilities; in other words, do they merely try to supersede the legal threshold, or should they create governance guidelines that ascend to the level of best practice. For example, the guidelines issued by associations of directors, corporate managers and individual companies tend to be wholly voluntary, but such documents may have a wider effect by prompting other companies to adopt similar practices. In 2021,
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4512-912: Is the highest peak in Wales. Wales has over 1,680 miles (2,704 kilometres) of coastline including the Pembrokeshire Coast . Several islands lie off the Welsh mainland, the largest of which is Anglesey ( Ynys Môn ). Corporate governance "Corporate governance" may be defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting , finance , law , or management ) often adopt narrow definitions that appear purpose-specific. Writers concerned with regulatory policy in relation to corporate governance practices often use broader structural descriptions. A broad (meta) definition that encompasses many adopted definitions
4653-412: Is the solution to the problem of multiple principals due to median voter theorem: shareholders' meetings lead power to be devolved to an actor that approximately holds the median interest of all shareholders, thus causing governance to best represent the aggregated interest of all shareholders. An important theme of governance is the nature and extent of corporate accountability . A related discussion at
4794-511: Is the world's most widely spoken language and the third-most spoken native language . The Acts of Union 1707 declared that the Kingdom of England and Kingdom of Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has occasionally been used as a description for the former Kingdom of Great Britain , although its official name from 1707 to 1800
4935-588: The 1884 Reform Act championed by William Gladstone granting suffrage to a majority of males for the first time. The British population increased at a dramatic rate, accompanied by rapid urbanisation , causing significant social and economic stresses. By the late 19th century, the Conservatives under Benjamin Disraeli and Lord Salisbury initiated a period of imperial expansion in Africa , maintained
5076-680: The Accounting Standards Committee (ASC) in 1990. However, ASB was overtaken by the Financial Reporting Council (FRC) on 2 July 2012. Thus, FRC is now the authority that may issue accounting standards in the UK. The Financial Reporting Review Panel (FRRP) was established in 1990 as a subsidiary of the United Kingdom's Financial Reporting Council. The FRRP sought to ensure that the provision of financial information by public and large private companies complied with relevant accounting requirements such as
5217-534: The Atlantic slave trade , mainly between 1662 and 1807 when British or British-colonial slave ships transported nearly 3.3 million slaves from Africa. The slaves were taken to work on plantations , principally in the Caribbean but also North America . However, with pressure from the abolitionism movement , Parliament banned the trade in 1807, banned slavery in the British Empire in 1833, and Britain took
5358-650: The Battle of Culloden in 1746, after which the Scottish Highlanders were forcibly assimilated into Scotland by revoking the feudal independence of clan chiefs . The British colonies in North America that broke away in the American War of Independence became the United States . British imperial ambition turned towards Asia, particularly to India . British merchants played a leading part in
5499-663: The Cairngorms , Loch Lomond and The Trossachs and Ben Nevis which at 1,345 metres (4,413 ft) is the highest point in the British Isles. Wales accounts for less than 9 per cent of the UK, covering 8,020 square miles (20,779 km ). Wales is mostly mountainous, though South Wales is less mountainous than North and mid Wales . The highest mountains in Wales are in Snowdonia and include Snowdon ( Welsh : Yr Wyddfa ) which, at 1,085 metres (3,560 ft),
5640-549: The Civil War of 1861–1865, was superior to that of corporations in the late 19th and early 20th centuries because early corporations governed themselves like "republics", replete with numerous "checks and balances" against fraud and against usurpation of power by managers or by large shareholders. (The term "robber baron" became particularly associated with US corporate figures in the Gilded Age —the late 19th century.) In
5781-523: The Commonwealth of Nations . The UK was the third country to develop a nuclear weapons arsenal (with its first atomic bomb test, Operation Hurricane , in 1952), but the post-war limits of Britain's international role were illustrated by the Suez Crisis of 1956. The international spread of the English language ensured the continuing international influence of its literature and culture . As
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5922-634: The Companies Act 1985 . The Accountancy & Actuarial Discipline Board (AADB) was the independent, investigative and disciplinary body for accountants and actuaries in the United Kingdom. The AADB was formerly known as the Accountancy Investigation & Discipline Board (AIDB) and changed its name to the AADB on 16 August 2007. The AADB Scheme established the framework and set in place the legal formalities of participation between
6063-608: The Companies Act 2006 and by other groups subject to, or benefitting from FRC regulation. Its board of directors is appointed by the Secretary of State for Business, Energy and Industrial Strategy . It and its subsidiaries play crucial roles in the oversight and development of corporate governance standards in the UK and the Republic of Ireland, such as the UK Corporate Governance Code and standards for
6204-767: The European Convention on Human Rights . The UK remained a great power with global diplomatic and military influence and a leading role in the United Nations and NATO . The UK broadly supported the United States' approach to the " war on terror " in the early 21st century. British troops fought in the War in Afghanistan , but controversy surrounded Britain's military deployment in Iraq , which saw
6345-583: The European Union (EU) in 1992, the UK was one of the 12 founding member states. From the late 1960s, Northern Ireland suffered communal and paramilitary violence (sometimes affecting other parts of the UK) conventionally known as the Troubles . It is usually considered to have ended with the 1998 Belfast "Good Friday" Agreement . Following a period of widespread economic slowdown and industrial strife in
6486-494: The Falkland Islands , leading to the 10-week Falklands War in which Argentine forces were defeated. The inhabitants of the islands are predominantly descendants of British settlers, and strongly favour British sovereignty, expressed in a 2013 referendum . From 1984, the UK economy was helped by the inflow of substantial North Sea oil revenues. Another British overseas territory, Gibraltar , ceded to Great Britain in
6627-545: The French Revolutionary Wars and Napoleonic Wars (1792–1815), the United Kingdom emerged as the principal naval and imperial power (with London the largest city in the world from about 1830). Unchallenged at sea , British dominance was later described as Pax Britannica ("British Peace"), a period of relative peace among the great powers (1815–1914) during which the British Empire became
6768-626: The International Finance Corporation and the UN Global Compact released a report, "Corporate Governance: the Foundation for Corporate Citizenship and Sustainable Business", linking the environmental, social and governance responsibilities of a company to its financial performance and long-term sustainability. Most codes are largely voluntary. An issue raised in the U.S. since the 2005 Disney decision
6909-532: The Kingdom of Ireland to create the United Kingdom of Great Britain and Ireland in 1801. Most of Ireland seceded from the UK in 1922 as the Irish Free State , and the Royal and Parliamentary Titles Act 1927 created the present United Kingdom. The UK became the first industrialised country and was the world's foremost power for the majority of the 19th and early 20th centuries, particularly during
7050-650: The Labour Party emerged from an alliance of trade unions and small socialist groups in 1900, and suffragettes campaigned for women's right to vote. Britain was one of the principal Allies that defeated the Central Powers in the First World War (1914–1918). Alongside their French, Russian and (after 1917) American counterparts, British armed forces were engaged across much of the British Empire and in several regions of Europe, particularly on
7191-485: The Model Business Corporation Act , but the dominant state law for publicly traded corporations is Delaware General Corporation Law , which continues to be the place of incorporation for the majority of publicly traded corporations. Individual rules for corporations are based upon the corporate charter and, less authoritatively, the corporate bylaws . Shareholders cannot initiate changes in
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#17327941798667332-647: The Representation of the People Act 1918 . After the war, Britain became a permanent member of the Executive Council of the League of Nations and received a mandate over a number of former German and Ottoman colonies. Under the leadership of David Lloyd George , the British Empire reached its greatest extent, covering a fifth of the world's land surface and a quarter of its population. By
7473-416: The Sarbanes–Oxley Act of 2002 (US, 2002). The Cadbury and Organisation for Economic Co-operation and Development (OECD) reports present general principles around which businesses are expected to operate to assure proper governance. The Sarbanes–Oxley Act, informally referred to as Sarbox or Sox, is an attempt by the federal government in the United States to legislate several of the principles recommended in
7614-463: The Soviet Union formed in 1941, leading the Allies against the Axis powers . There were eventual hard-fought victories in the Battle of the Atlantic , the North Africa campaign and the Italian campaign . British forces played important roles in the Normandy landings of 1944 and the liberation of Europe . The British Army led the Burma campaign against Japan, and the British Pacific Fleet fought Japan at sea. British scientists contributed to
7755-449: The Western Front . The high fatalities of trench warfare caused the loss of much of a generation of men, with lasting social effects in the nation and a great disruption in the social order. Britain had suffered 2.5 million casualties and finished the war with a huge national debt. The consequences of the war persuaded the government to expand the right to vote in national and local elections to all adult men and most adult women with
7896-408: The coastline paradox . It is connected to continental Europe by the Channel Tunnel , which at 31 miles (50 km) (24 miles (38 km) underwater) is the longest underwater tunnel in the world. The UK contains four terrestrial ecoregions: Celtic broadleaf forests , English Lowlands beech forests , North Atlantic moist mixed forests , and Caledonian conifer forests . The area of woodland in
8037-436: The largest protest in British history in opposition to the government led by Tony Blair . The Great Recession severely affected the UK economy. The Cameron–Clegg coalition government of 2010 introduced austerity measures intended to tackle the substantial public deficits. Studies have suggested that policy led to significant social disruption and suffering. A referendum on Scottish independence in 2014 resulted in
8178-418: The statutory laws of the relevant jurisdiction, corporations are subject to common law in some countries. In most jurisdictions, corporations also have some form of a corporate constitution that provides individual rules that govern the corporation and authorize or constrain its decision-makers. This constitution is identified by a variety of terms; in English-speaking jurisdictions, it is sometimes known as
8319-428: The " Pax Britannica " between 1815 and 1914. At its height in the 1920s, the British Empire encompassed almost a quarter of the world's landmass and population, and was the largest empire in history . However, its involvement in the First World War and the Second World War damaged Britain's economic power and a global wave of decolonisation led to the independence of most British colonies. The United Kingdom
8460-512: The 16th century and established the Church of England . Moreover, it defined a national identity for England and slowly, but profoundly, changed people's religious beliefs. Wales was fully incorporated into the Kingdom of England , and Ireland was constituted as a kingdom in personal union with the English crown. In what was to become Northern Ireland, the lands of the independent Catholic Gaelic nobility were confiscated and given to Protestant settlers from England and Scotland. In 1603,
8601-439: The 16th century in the annexation of Wales , the domination of Scotland , and the establishment of the British Empire . Over the course of the 17th century, the role of the British monarchy was reduced, particularly as a result of the English Civil War . In 1707, the Kingdom of England and the Kingdom of Scotland united under the Treaty of Union to create the Kingdom of Great Britain . The Acts of Union 1800 incorporated
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#17327941798668742-401: The 1713 Treaty of Utrecht, is a key military base . A referendum in 2002 on shared sovereignty with Spain was rejected by 98.97% of voters in the territory. Around the end of the 20th century, there were major changes to the governance of the UK with the establishment of devolved administrations for Scotland, Wales and Northern Ireland. The statutory incorporation followed acceptance of
8883-406: The 1970s, the Conservative government of the 1980s led by Margaret Thatcher initiated a radical policy of monetarism , deregulation, particularly of the financial sector (for example, the Big Bang in 1986) and labour markets, the sale of state-owned companies (privatisation), and the withdrawal of subsidies to others. In 1982, Argentina invaded the British territories of South Georgia and
9024-399: The 1980s, Eugene Fama and Michael Jensen established the principal–agent problem as a way of understanding corporate governance: the firm is seen as a series of contracts. In the period from 1977 to 1997, corporate directors' duties in the U.S. expanded beyond their traditional legal responsibility of duty of loyalty to the corporation and to its shareholders. In the first half of
9165-418: The 1990s, the issue of corporate governance in the U.S. received considerable press attention due to a spate of CEO dismissals (for example, at IBM , Kodak , and Honeywell ) by their boards. The California Public Employees' Retirement System ( CalPERS ) led a wave of institutional shareholder activism (something only very rarely seen before), as a way of ensuring that corporate value would not be destroyed by
9306-476: The 5th century) united with the Picts to create the Kingdom of Scotland in the 9th century. In 1066, the Normans invaded England from northern France. After conquering England , they seized large parts of Wales , conquered much of Ireland and were invited to settle in Scotland, bringing to each country feudalism on the Northern French model and Norman-French culture. The Anglo-Norman ruling class greatly influenced, but eventually assimilated with,
9447-439: The AADB and the Participating Accountancy Bodies i.e. the Institute of Chartered Accountants in England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA), and the Chartered Institute of Public Finance and Accountancy (CIPFA), The Institute of Chartered Accountants of Ireland, and the Institute of Chartered Accountants of Scotland. As of 2010
9588-434: The AADB had a substantial workload including investigations into the conduct of professional firms, such as EY , that had advised Lehman Brothers , JPMorgan , Connaught , Aero Inventory, and BAE Systems . The Professional Oversight Board ( POB ) was a regulatory body specialising in the accounting , auditing , and actuarial professions in the United Kingdom. It was a part of the Financial Reporting Council (FRC),
9729-431: The ARGA would "commence in April 2023". In the King's Speech in November 2023, there was no mention of a bill however, following the change of government in July 2024, a draft Audit Reform and Corporate Governance Bill has been proposed. United Kingdom The United Kingdom of Great Britain and Northern Ireland , commonly known as the United Kingdom ( UK ) or Britain , is a country in Northwestern Europe , off
9870-496: The Board's additional responsibility for oversight of the actuarial profession from that date. In 2011, the Board published information for the first time about shortcomings in self-regulation by particular institutes. Press reports highlighted comments about ACCA , which had implemented recommendations to improve its examination syllabus, but needed to pay greater attention to continuing monitoring of members who had registered as auditors some years ago. The board contains member from
10011-464: The Brittonic area mainly to what was to become Wales , Cornwall and, until the latter stages of the Anglo-Saxon settlement, the Hen Ogledd (northern England and parts of southern Scotland). Most of the region settled by the Anglo-Saxons became unified as the Kingdom of England in the 10th century. Meanwhile, Gaelic speakers in north-west Britain (with connections to the north-east of Ireland and traditionally supposed to have migrated from there in
10152-645: The Business and the Work and Pensions Select Committees into the collapse of Carillion, published on 16 May 2018, was critical of the FRC, describing it as feeble and timid, and of failing to follow up concerns in Carillion's 2015 accounts. Along with The Pensions Regulator , it was branded as "chronically passive". Welcoming the Government's review of the FRC's powers and effectiveness, the report said changes to be
10293-493: The Cadbury and OECD reports. Some concerns regarding governance follows from the potential for conflicts of interests that are a consequence of the non-alignment of preferences between: shareholders and upper management (principal–agent problems); and among shareholders (principal–principal problems), although also other stakeholder relations are affected and coordinated through corporate governance. In large firms where there
10434-478: The FRC, but if any shortcomings were found, sanctions could only be imposed by the professional bodies. The POB did not have the power either to overturn any decision which the body has made in a case or to direct how the body should handle a case. The Board also operated an Audit Inspection Unit (AIU) that oversees auditing organisations and makes recommendations for appropriate regulatory actions by governmental and professional authorities. As part of its oversight of
10575-453: The FRC, led by Sir John Kingman , recommended its replacement by a new Audit, Reporting and Governance Authority , a recommendation that the government agreed to follow in March 2019 but later delayed. Ireland adopted the FRC's auditing framework in 2017. The FRC is a company limited by guarantee , and is funded by the audit profession, who are required to contribute under the provisions of
10716-979: The G20, and in 2023. The Principles are often referenced by countries developing local codes or guidelines. Building on the work of the OECD, other international organizations, private sector associations and more than 20 national corporate governance codes formed the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) to produce their Guidance on Good Practices in Corporate Governance Disclosure. This internationally agreed benchmark consists of more than fifty distinct disclosure items across five broad categories: The OECD Guidelines on Corporate Governance of State-Owned Enterprises complement
10857-671: The G20/OECD Principles of Corporate Governance, providing guidance tailored to the corporate governance challenges of state-owned enterprises . Companies listed on the New York Stock Exchange (NYSE) and other stock exchanges are required to meet certain governance standards. For example, the NYSE Listed Company Manual requires, among many other elements: The investor-led organisation International Corporate Governance Network (ICGN)
10998-782: The Manhattan Project whose task was to build an atomic weapon. Once built, it was decided, with British consent, to use the weapon against Japan. The UK was one of the Big Three powers (along with the US and the Soviet Union) who met to plan the post-war world ; it drafted the Declaration by United Nations with the United States and became one of the five permanent members of the United Nations Security Council . It worked closely with
11139-540: The Netherlands, require a two-tiered board of directors as a means of improving corporate governance. In the two-tiered board, the executive board, made up of company executives, generally runs day-to-day operations while the supervisory board, made up entirely of non-executive directors who represent shareholders and employees, hires and fires the members of the executive board, determines their compensation, and reviews major business decisions. Germany, in particular,
11280-716: The Scottish electorate voting by 55.3 to 44.7% to remain part of the United Kingdom. In 2016, 51.9 per cent of voters in the United Kingdom voted to leave the European Union . The UK left the EU in 2020. On 1 May 2021, the EU–UK Trade and Cooperation Agreement came into force. The COVID-19 pandemic had a severe impact on the UK's economy , caused major disruptions to education and had far-reaching impacts on society and politics in 2020 and 2021. The United Kingdom
11421-581: The September 2019 Queen's Speech and, despite concerns that the launch of ARGA might be delayed, the Department for Business, Enterprise and Industrial Strategy (BEIS) told Accountancy Daily in February 2020 that "next steps on audit reform" would be taken in the first quarter of 2020. However, further details were slow to emerge; in November 2020 City A.M. reported that reform proposals relating to
11562-484: The UK in 2023 is estimated to be 3.25 million hectares, which represents 13% of the total land area in the UK. Most of the United Kingdom has a temperate climate, with generally cool temperatures and plentiful rainfall all year round. The temperature varies with the seasons seldom dropping below 0 °C (32 °F ) or rising above 30 °C (86 °F). Some parts, away from the coast, of upland England, Wales, Northern Ireland and most of Scotland, experience
11703-961: The UK into lowland and upland areas. Lowland areas include Cornwall , the New Forest , the South Downs and the Norfolk Broads . Upland areas include the Lake District , the Pennines , the Yorkshire Dales , Exmoor , and Dartmoor . The main rivers and estuaries are the Thames , Severn , and the Humber . England's highest mountain is Scafell Pike , at 978 metres (3,209 ft) in the Lake District; its largest island
11844-402: The United Kingdom and that elsewhere "British government" is used at least as frequently as "United Kingdom government". The UK Permanent Committee on Geographical Names recognises "United Kingdom", "UK" and "U.K." as shortened and abbreviated geopolitical terms for the United Kingdom of Great Britain and Northern Ireland in its toponymic guidelines; it does not list "Britain" but notes that "it
11985-411: The United Kingdom is 1339.7 hours, which is just under 30% of the maximum possible. The hours of sunshine vary from 1200 to about 1580 hours per year, and since 1996 the UK has been and still is receiving above the 1981 to 2010 average hours of sunshine. Climate change has a serious impact on the country. A third of food price rise in 2023 is attributed to climate change. As of 2022, the United Kingdom
12126-400: The United Kingdom is a sovereign country, England, Scotland, Wales and Northern Ireland are also widely referred to as countries . The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom. Some statistical summaries, such as those for the twelve NUTS 1 regions , refer to Scotland, Wales and Northern Ireland as "regions". Northern Ireland
12267-832: The United Kingdom is surrounded by the Atlantic Ocean , the North Sea , the English Channel , the Celtic Sea , and the Irish Sea . The United Kingdom had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the United Kingdom is London , whose wider metropolitan area is the largest in Western Europe , with a population of 14.9 million. The cities of Edinburgh , Cardiff , and Belfast are
12408-436: The United Kingdom use several different terms to describe their national identity and may identify themselves as being British , English , Scottish , Welsh , Northern Irish , or Irish ; or as having a combination of different national identities. Settlement by Cro-Magnons of what was to become the United Kingdom occurred in waves beginning by about 30,000 years ago. The island has been continuously inhabited only since
12549-685: The United Kingdom. The 1928 Equal Franchise Act gave women electoral equality with men in national elections. Strikes in the mid-1920s culminated in the General Strike of 1926 . Britain had still not recovered from the effects of the First World War when the Great Depression (1929–1932) led to considerable unemployment and hardship in the old industrial areas, as well as political and social unrest with rising membership in communist and socialist parties. A coalition government
12690-640: The United States to establish the IMF , World Bank and NATO . The war left the UK severely weakened and financially dependent on the Marshall Plan , but it was spared the total war that devastated eastern Europe. In the immediate post-war years, the Labour government under Clement Attlee initiated a radical programme of reforms, which significantly impacted British society in the following decades . Major industries and public utilities were nationalised ,
12831-505: The accounting industry. The FRC board is supported by three governance committees, two business committees, and three advisory councils. The FRC used to incorporate six operating bodies: The role of the Accounting Standards Board (ASB) was to issue accounting standards in the United Kingdom and was recognised for that purpose under the Companies Act 1985 . It took over the task of setting accounting standards from
12972-628: The acquisition and settlement of overseas colonies , particularly in North America and the Caribbean. Though previous attempts at uniting the two kingdoms within Great Britain in 1606, 1667, and 1689 had proved unsuccessful, the attempt initiated in 1705 led to the Treaty of Union of 1706 being agreed and ratified by both parliaments. On 1 May 1707, the Kingdom of Great Britain was formed,
13113-582: The actuarial profession, the Board monitored the activities of actuarial organisations with regard to the education , discipline, ethical standards and continuing professional development of their members. The Board also sought to provide a framework for the evaluation of the quality and effectiveness of actuarial work. Before 5 May 2006, the Board was known as the Professional Oversight Board for Accountancy. The name change reflected
13254-549: The appointment process, Simon Dingemans did not declare an interest in a company which was late filing accounts. In May 2020, Dingemans resigned, citing conflicts between the part-time role and other positions he was interested in taking. In December 2021, Jan du Plessis was nominated by the UK Government to lead the FRC through its transformation into the Audit, Reporting and Governance Authority . In February 2022, du Plessis
13395-473: The audit sector were expected in early 2021 with full implementation expected in 2023. A UK Government policy paper, Restoring trust in audit and corporate governance , was published on 19 March 2021, consulting on its proposed steps to establish the ARGA and give it the formal duties, functions and powers it needs to be fully effective. In September 2021, the FRC's head of regulatory standards, Mark Babington said
13536-542: The coast of the continental mainland . It comprises England , Scotland , Wales , and Northern Ireland . The UK includes the island of Great Britain , the north-eastern part of the island of Ireland , and most of the smaller islands within the British Isles , making up a total area of 94,354 square miles (244,376 km ). Northern Ireland shares a land border with the Republic of Ireland ; otherwise,
13677-474: The corporate charter although they can initiate changes to the corporate bylaws. It is sometimes colloquially stated that in the US and the UK that "the shareholders own the company." This is, however, a misconception as argued by Eccles and Youmans (2015) and Kay (2015). The American system has long been based on a belief in the potential of shareholder democracy to efficiently allocate capital. The Japanese model of corporate governance has traditionally held
13818-561: The corporate charter or articles of association (which also be accompanied by a memorandum of association ). Incorporation in Australia originated under state legislation but has been under federal legislation since 2001. Also see Australian corporate law . Other significant legislation includes: Incorporation in Canada can be done either under either federal or provincial legislation. See Canadian corporate law . Dutch corporate law
13959-528: The corporation, to the extent that these are not necessary for profits. Those pertaining to self-interest are usually emphasized in relation to principal-agent problems. The effectiveness of corporate governance practices from a shareholder perspective might be judged by how well those practices align and coordinate the interests of the upper management with those of the shareholders. However, corporations sometimes undertake initiatives, such as climate activism and voluntary emission reduction, that seems to contradict
14100-736: The decades-long process of European integration , the UK was a founding member of the Western European Union , established with the London and Paris Conferences in 1954. In 1960 the UK was one of the seven founding members of the European Free Trade Association (EFTA), but in 1973 it left to join the European Communities (EC). In a 1975 referendum 67% voted to stay in it. When the EC became
14241-401: The dual role has been the norm, despite major misgivings regarding the effect on corporate governance. The number of US firms combining both roles is declining, however. In the United States, corporations are directly governed by state laws, while the exchange (offering and trading) of securities in corporations (including shares) is governed by federal legislation. Many US states have adopted
14382-483: The eastern parts are the driest. Atlantic currents, warmed by the Gulf Stream , bring mild winters, especially in the west where winters are wet and even more so over high ground. Summers are warmest in the southeast of England and coolest in the north. Heavy snowfall can occur in winter and early spring on high ground, and occasionally settles to great depth away from the hills. The average total annual sunshine in
14523-577: The emergence of multinational corporations after World War II (1939–1945) saw the establishment of the managerial class . Several Harvard Business School management professors studied and wrote about the new class: Myles Mace (entrepreneurship), Alfred D. Chandler, Jr. (business history), Jay Lorsch (organizational behavior) and Elizabeth MacIver (organizational behavior). According to Lorsch and MacIver "many large corporations have dominant control over business affairs without sufficient accountability or monitoring by their board of directors". In
14664-638: The enactment of the Sarbanes–Oxley Act in 2002, a U.S. federal law intended to improve corporate governance in the United States. Comparable failures in Australia ( HIH , One.Tel ) are linked to with the eventual passage of the CLERP 9 reforms there (2004), that similarly aimed to improve corporate governance. Similar corporate failures in other countries stimulated increased regulatory interest (e.g., Parmalat in Italy ). Also see In addition to legislation
14805-421: The facilitates incorporation, many jurisdictions have some major regulatory devices that impact on corporate governance. This includes statutory laws concerned with the functioning of stock or securities markets (also see Security (finance) , consumer and competition ( antitrust ) laws, labour or employment laws, and environmental protection laws, which may also entail disclosure requirements. In addition to
14946-494: The first ever international standard , ISO 37000, was published as guidance for good governance. The guidance places emphasis on purpose which is at the heart of all organizations, i.e. a meaningful reason to exist. Values inform both the purpose and the way the purpose is achieved. Robert E. Wright argued in Corporation Nation (2014) that the governance of early U.S. corporations, of which over 20,000 existed by
15087-594: The first year, Britain and its Empire continued the war against Germany. Churchill engaged industry, scientists and engineers to support the government and the military in the prosecution of the war effort. In 1940, the Royal Air Force defeated the German Luftwaffe in the Battle of Britain . Urban areas suffered heavy bombing during the Blitz . The Grand Alliance of Britain, the United States and
15228-587: The formal control it exerted over its own colonies, British dominance of much of world trade meant that it effectively controlled the economies of regions such as East Asia and Latin America . Throughout the Victorian era , political attitudes favoured free trade and laissez-faire policies. Beginning with the Great Reform Act in 1832, Parliament gradually widened the voting franchise , with
15369-817: The global hegemon and adopted the role of global policeman. From 1853 to 1856, Britain took part in the Crimean War , allied with the Ottoman Empire against Tsarist Russia , participating in the naval battles of the Baltic Sea known as the Åland War in the Gulf of Bothnia and the Gulf of Finland , among others. Following the Indian Rebellion in 1857 , the British government led by Lord Palmerston assumed direct rule over India . Alongside
15510-441: The idea that rational self-interest drives shareholders' governance goals. An example of a possible conflict between shareholders and upper management materializes through stock repurchases ( treasury stock ). Executives may have incentive to divert cash surpluses to buying treasury stock to support or increase the share price. However, that reduces the financial resources available to maintain or enhance profitable operations. As
15651-595: The immediate aftermath of the Wall Street Crash of 1929 legal scholars such as Adolf Augustus Berle , Edwin Dodd, and Gardiner C. Means pondered on the changing role of the modern corporation in society. From the Chicago school of economics , Ronald Coase introduced the notion of transaction costs into the understanding of why firms are founded and how they continue to behave. US economic expansion through
15792-706: The impact of corporate actions on People and Planet and takes the effects on corporate stakeholders into account. In the Dutch two-tier system, the Supervisory Board monitors and supervises the executive board in this respect. The UK has a single jurisdiction for incorporation . Also see United Kingdom company law Other significant legislation includes: The UK passed the Bribery Act in 2010. This law made it illegal to bribe either government or private citizens or make facilitating payments (i.e., payment to
15933-498: The independent regulator of corporate governance and reporting in the UK. The Board's stated purpose was to support the FRC's goal of investor and public confidence in the financial governance of business organisations. The Board provides assurance that professional accountancy bodies are properly setting standards and enforcing discipline for their members, in accordance with the Companies Act 2006 and other statutory requirements. The POB carried out inspections on behalf of
16074-403: The kingdoms of England, Scotland and Ireland were united in a personal union when James VI, King of Scots , inherited the crowns of England and Ireland and moved his court from Edinburgh to London; each country nevertheless remained a separate political entity and retained its separate political, legal, and religious institutions. In the mid-17th century, all three kingdoms were involved in
16215-408: The last retreat of the ice around 11,500 years ago. By the end of the region's prehistoric period , the population is thought to have belonged largely to a culture termed Insular Celtic , comprising Brittonic Britain and Gaelic Ireland . The Roman conquest , beginning in 43 AD, and the 400-year rule of southern Britain , was followed by an invasion by Germanic Anglo-Saxon settlers, reducing
16356-530: The local cultures. Subsequent medieval English kings completed the conquest of Wales and tried unsuccessfully to annex Scotland . Asserting its independence in the 1320 Declaration of Arbroath , Scotland maintained its independence thereafter, albeit in near-constant conflict with England . In 1215 the Magna Carta was the first document to state that no government was above the law, that citizens have rights protecting them and that they were entitled to
16497-415: The macro level focuses on the effect of a corporate governance system on economic efficiency , with a strong emphasis on shareholders' welfare. This has resulted in a literature focused on economic analysis. A comparative assessment of corporate governance principles and practices across countries was published by Aguilera and Jackson in 2011. Different models of corporate governance differ according to
16638-618: The major part of the British Isles archipelago and includes the island of Great Britain, the north-eastern one-sixth of the island of Ireland and some smaller surrounding islands. It lies between the North Atlantic Ocean and the North Sea with the southeast coast coming within 22 miles (35 km) of the coast of northern France, from which it is separated by the English Channel . The Royal Greenwich Observatory in London
16779-674: The mid-1920s, most of the British population could listen to BBC radio programmes. Experimental television broadcasts began in 1929 and the first scheduled BBC Television Service commenced in 1936. The rise of Irish nationalism , and disputes within Ireland over the terms of Irish Home Rule , led eventually to the partition of the island in 1921. A period of conflict in what is now Northern Ireland occurred from June 1920 until June 1922. The Irish Free State became independent, initially with Dominion status in 1922, and unambiguously independent in 1931 . Northern Ireland remained part of
16920-688: The national capitals of Scotland, Wales, and Northern Ireland, respectively. The lands of the UK have been inhabited continuously since the Neolithic . In AD 43 the Roman conquest of Britain began; the Roman departure was followed by Anglo-Saxon settlement . In 1066, the Normans conquered England . With the end of the Wars of the Roses the English state stabilised and began to grow in power, resulting by
17061-465: The need for founder centrism behaviour at board level to appropriately manage disruption. Corporations are created as legal persons by the laws and regulations of a particular jurisdiction. These may vary in many respects between countries, but a corporation's legal person status is fundamental to all jurisdictions and is conferred by statute. This allows the entity to hold property in its own right without reference to any real person. It also results in
17202-540: The now traditionally cozy relationships between the CEO and the board of directors (for example, by the unrestrained issuance of stock options, not infrequently back-dated ). In the early 2000s, the massive bankruptcies (and criminal malfeasance) of Enron and Worldcom , as well as lesser corporate scandals (such as those involving Adelphia Communications , AOL , Arthur Andersen , Global Crossing , and Tyco ) led to increased political interest in corporate governance. This
17343-491: The objective of enhancing public confidence in the audit process and the quality and relevance of audit services in the public interest. In April 2002 APB was re-established under the auspices of The Accountancy Foundation and, following a UK government review, it was transferred to the FRC. Its objective remained the same, but its remit was extended to include responsibility for setting standards for auditors' integrity, objectivity and independence. An APB electronic newsletter
17484-522: The perpetual existence that characterizes the modern corporation. The statutory granting of corporate existence may arise from general purpose legislation (which is the general case) or from a statute to create a specific corporation. Now, the formation of business corporations in most jurisdictions requires government legislation that facilitates incorporation . This legislation is often in the form of Companies Act or Corporations Act , or similar. Country-specific regulatory devices are summarized below. It
17625-559: The relational-structural view adopted by the Organisation for Economic Cooperation and Development ( OECD ) of "Corporate governance involves a set of relationships between a company's management, board, shareholders and stakeholders. Corporate governance also provides the structure and systems through which the company is directed and its objectives are set, and the means of attaining those objectives and monitoring performance are determined" (OECD 2023, p. 6). Examples of narrower definitions in particular contexts include: The firm itself
17766-442: The rest of Europe, royal absolutism would not prevail, and a professed Catholic could never accede to the throne. The British constitution would develop on the basis of constitutional monarchy and the parliamentary system . With the founding of the Royal Society in 1660, science was greatly encouraged. During this period, particularly in England, the development of naval power and the interest in voyages of discovery led to
17907-406: The result of the Acts of Union 1707 between the Kingdom of England and Kingdom of Scotland . In the 18th century, cabinet government developed under Robert Walpole , in practice the first prime minister (1721–1742). A series of Jacobite uprisings sought to remove the Protestant House of Hanover from the throne and restore the Catholic House of Stuart . The Jacobites were finally defeated at
18048-450: The support of governments and international organizations. As a rule, compliance with these governance recommendations is not mandated by law, although the codes linked to stock exchange listing requirements may have a coercive effect. One of the most influential guidelines on corporate governance are the G20 / OECD Principles of Corporate Governance, first published as the OECD Principles in 1999, revised in 2004, in 2015 when endorsed by
18189-486: The variety of capitalism in which they are embedded. The Anglo-American "model" tends to emphasize the interests of shareholders. The coordinated or multistakeholder model associated with Continental Europe and Japan also recognizes the interests of workers, managers, suppliers, customers, and the community. A related distinction is between market-oriented and network-oriented models of corporate governance. Some continental European countries, including Germany, Austria, and
18330-584: The wake of a series of high-profile corporate scandals, which cost investors billions of dollars. It established a series of requirements that affect corporate governance in the US and influenced similar laws in many other countries. SOX contained many other elements, but provided for several changes that are important to corporate governance practices: The U.S. passed the Foreign Corrupt Practices Act (FCPA) in 1977, with subsequent modifications. This law made it illegal to bribe government officials and required corporations to maintain adequate accounting controls. It
18471-504: The way a company is controlled—and this is the challenge of corporate governance. To solve the problem of governing upper management under multiple shareholders, corporate governance scholars have figured out that the straightforward solution of appointing one or more shareholders for governance is likely to lead to problems because of the information asymmetry it creates. Shareholders' meetings are necessary to arrange governance under multiple shareholders, and it has been proposed that this
18612-416: Was announced that Stephen Haddrill, CEO of the FRC, was to quit, amid suggestions that his departure might lead to the body's abolition. In March 2019, the government announced that the FRC would be replaced by a new regulator, the Audit, Reporting and Governance Authority (ARGA), with enhanced powers, in an effort to "change the culture" of the accounting sector. Plans for the new regulator were included in
18753-416: Was chosen as the defining point of the Prime Meridian at the International Meridian Conference in 1884. The United Kingdom lies between latitudes 49° and 61° N , and longitudes 9° W and 2° E . Northern Ireland shares a 224-mile (360 km) land boundary with the Republic of Ireland. The coastline of Great Britain is 11,073 miles (17,820 km) long, though measurements can vary greatly due to
18894-540: Was confirmed as the FRC's new chair. Following the January 2018 collapse of construction and services business Carillion , it was reported that Carillion's auditor KPMG would have its role examined by the FRC. Two months later, the FRC's conduct committee announced an investigation into the conduct of former Carillion finance directors Richard Adam and Zafar Khan . The operations of the FRC itself were also to be scrutinised by an independent inquiry ordered by Business Secretary Greg Clark . An "excoriating" report by
19035-404: Was formed in 1931. Nonetheless, "Britain was a very wealthy country, formidable in arms, ruthless in pursuit of its interests and sitting at the heart of a global production system." After Nazi Germany invaded Poland in 1939, Britain entered the Second World War . Winston Churchill became prime minister and head of a coalition government in 1940. Despite the defeat of its European allies in
19176-435: Was published periodically to "assist interested parties [to] better understand APB activities". Following the Morris Review of the Actuarial Profession, published in March 2005, HM Treasury asked the Financial Reporting Council (FRC) to take on responsibility for oversight of the regulation of actuaries by the Institute and Faculty of Actuaries (IFoA) and the independent setting of technical actuarial standards. This latter task
19317-412: Was reflected in the passage of the Sarbanes–Oxley Act of 2002. Other triggers for continued interest in the corporate governance of organizations included the financial crisis of 2008/9 and the level of CEO pay. Some corporations have tried to burnish their ethical image by creating whistle-blower protections, such as anonymity. This varies significantly by justification, company and sector. In 1997
19458-535: Was set up by individuals centred around the ten largest pension funds in the world in 1995. The aim is to promote global corporate governance standards. The network is led by investors that manage $ 77 trillion US dollars, and members are located in fifty different countries. ICGN has developed a suite of global guidelines ranging from shareholder rights to business ethics. The World Business Council for Sustainable Development (WBCSD) has done work on corporate governance, particularly on accounting and reporting. In 2009,
19599-407: Was simply "Great Britain". The Acts of Union 1800 formed the United Kingdom of Great Britain and Ireland . Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed in 1927 to the "United Kingdom of Great Britain and Northern Ireland". Although
19740-432: Was the first country in the world to use an approved COVID-19 vaccine , developing its own vaccine through a collaboration between Oxford University and AstraZeneca , which allowed the UK's vaccine rollout to be among the fastest in the world. The total area of the United Kingdom is approximately 94,354 square miles (244,376 km ), with a land area of 93,723 square miles (242,741 km ). The country occupies
19881-519: Was the remit of the Board for Actuarial Standards until 2 July 2012 when responsibility was assumed by the FRC. Sir Winfried Bischoff was the Chairman of the FRC, between 2014 and 2019. Other board members included Gay Huey Evans, Melanie McLaren and Paul George. The FRC's chief executive from November 2009 until announcing he was stepping down in late 2018, was Stephen Haddrill . In 2019, Simon Dingemans and Sir Jon Thompson took over as chair and CEO respectively. Private Eye reported that during
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