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02. A number of proposals in the White Paper related to company reporting and a significant development was the requirement for companies to provide a mandatory Operating and Financial Review to provide information on the company's current and prospective performance and strategy. This came into effect from financial years beginning on or after 1 April 2005.

The European Union also significantly influences corporate governance in the UK. The European Commission's 'Corporate Governance and Company Law Action Plan' (May 2003) proposed a mix of legislative and regulatory measures which would affect all member States relating to:

disclosure requirements;

exercise of voting rights;

cross- border voting;

disclosure by institutional investors; and

responsibilities of board members.

The Enron scandal in 2001 eventually led to the bankruptcy of the Enron Corporation, and the dissolution of Arthur Andersen, one of the five largest audit and accountancy firms in the world. In addition to being the largest bankruptcy reorganisation in American history at that time, Enron undoubtedly was the biggest audit failure. As a consequence of the Enron scandal in 2001, new regulations and legislation were enacted to expand the reliability of financial reporting for public companies. The Sarbanes-Oxley Act was introduced in 2002 to increase the accountability of auditing firms to remain objective and independent of their clients. Sarbanes Oxley Act.pdf

Seven years since Enron placed corporate governance under the spotlight, the recent global financial crisis has renewed that focus. Deficiencies and failures in corporate governance in the new Millennium have led to the new financial crisis starting with the collapse of Lehman Brothers in September 2008 followed by several UK and European Banking Groups. These events have confirmed that the soaring pay packages for top bank executives were driven by extraordinary risk-taking rather than real sustainable profits.

The economic crisis has prompted governments across the world to re-evaluate their financial regulatory framework, to try to tackle the causes of, and fallout from, the global downturn. The UK Government has taken unprecedented action to prevent and contain future crises in the financial markets and support the broader economy focusing on stabilising the banking system to protect people's savings and the economy.

The global financial crisis has revealed widespread and massive failures in risk management practices. Many economists, organisations and governments have suggested a link between weaknesses in corporate governance arrangements which did not serve their purpose to safeguard against excessive risk taking in a number of financial service companies.

The UK Government commissioned Lord Turner in October 2008 to review the causes of the global financial crisis. The Turner Review, issued in March 2009, was a UK regulatory response to the global banking crisis. The Turner Review outlines recommendations on the redesign of regulation and supervisory approach needed to create a more robust banking system for the future. The Review also focuses on the improvements in the effectiveness of internal risk management and corporate governance. Turner Review.pdf

In February 2009 Sir David Walker, ex-City regulator had been asked by the Prime Minister to review 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。