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4.2.2 The Greenbury Report

The Greenbury report was issued in 1995 by a committee under the chairmanship of Sir Richard Greenbury that developed a number of recommendations of the Cadbury Report on directors' remuneration. It stressed the importance of a remuneration committee of non executive directors , the provision of information on remuneration policy in the annual report and accounts, and the restriction of notice and contract periods to less than one year.

4.2.3 The Hambel Report

This was a committee set up under the chairmanship of Sir Ronald Hampel to review the implementation of the Cadbury Code and the recommendations of the Greenbury report. A report was issued in 1998 emphasizing that the primary duty of directors is to shareholders and that the recommendations of the two earlier reports should be treated as guidelines rather than prescriptive rules.

4.2.4 The Turnbull Report

The latest link in the UK corporate governance chain is the September 1999 publication - Internal Control: Guidance for Directors on the Combined Code - otherwise called, after its chairman (Nigel Turnbull, Executive Director of Reed Plc), the 'Turnbull Report' (Turnbull).

Turnbull's guidance is based upon the adoption by a company's board of a risk-based approach to establishing a sound system of internal control, and on Accountability, transparency, corporate social responsibility: a new mantra for a new millennium. reviewing its effectiveness. This should be incorporated by a company within its normal management and governance processes. The span of internal control contemplated by Turnbull stretches wider than financial controls, to encompass social and environmental issues - matters that have recently come to be grouped together under the generic heading of 'reputational risk'.

4.2.5 The Higgs Report

The Higgs Report, named after its author Derek Higgs focused on the role and effectiveness of the non-executive director so as to consolidate the UK's combined code on corporate governance. The report was published in January 2003 and it was expected that the revised combined code will come into effect in July 2003.

4.2.6 The Smith Report

Following the major financial scandals around the world, the Financial Reporting Council invited Sir Robert Smith to chair a report on the role and responsibilities of the audit committees. The aim was to develop the existing Combined Code guidance and to clarify the duties of the non executive directors meant to form the audit committee.

4.2.7 UK Combined Code

The Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders.

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