Corporate Governance in the United Kingdom, 2015 Past, Present and Future

Recent experience from the global financial crisis suggests that the future of corporate governance will bring radical changes, surprises and challenges. Having said that, it should not be underestimated how much UK corporate governance has changed since the Cadbury Commission in 1992. In this book, William Forbes and Lynn Hodgkinson identify a need to provide a comprehensive analysis of past research concerning UK corporate governance in the light of the recent crisis. Where prior reviews of corporate governance research have to a large extent focused on literature from the USA, this book provides an overview of the development of corporate governance with a focus on literature concerning the UK. It addresses seven major themes: modes of governance; the historical context and codification of corporate governance; nature of ownership; boards; executive remuneration; institutional investors; and the market for corporate control. This review incorporates policy recommendations and changes in practice, and explores implications for companies, financial institutions, corporate governance practice and other stakeholders in the light of the recent crisis. The authors conclude by suggesting future directions for academic research in corporate governance in the light of recent events, where more deep rooted reform may be possible.

1. Introduction 2. Modes of Governance 3. Historical Context and Codification of Corporate Governance 4. Nature of Ownership 5. Boards 6. Executive Remuneration 7. Institutional Investors 8. Market for Corporate Control 9. Future Directions Table 1: Ownership of UK Companies 1963-2012 Figure 1: UK Company Ownership Trends Since 1969