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The Cadbury Report, titled ''Financial Aspects of Corporate Governance'', is a report issued by "The Committee on the Financial Aspects of Corporate Governance" chaired by Sir
Adrian Cadbury Sir George Adrian Hayhurst Cadbury, (15 April 1929 – 3 September 2015) was an English businessman who served as the chairman of Cadbury and Cadbury Schweppes for 24 years. He was also a British Olympic rower. Cadbury was a pioneer in raisin ...
, chairman of
Cadbury Cadbury, formerly Cadbury's and Cadbury Schweppes, is a British multinational corporation, multinational confectionery company fully owned by Mondelez International (originally Kraft Foods Inc, Kraft Foods) since 2010. It is the second largest ...
, that sets out recommendations on the arrangement of company boards and accounting systems to mitigate corporate governance risks and failures. In 1991 the London Stock Exchange set up the Cadbury committee and the report was published in draft version in May 1992. Its revised and final version was issued in December of the same year. The report's recommendations have been used to varying degrees to establish other codes such as those of the OECD, the European Union, the United States, the World Bank etc.


Background

Sridhar Arcot and Valentina Bruno in their article called "In Letter but not in Spirit: An Analysis of Corporate Governance in the UK" explain the background to the Cadbury Committee. Although wrong on the historical facts, as Robert Maxwell died on 5 November 1991 and "The Committee on the Financial Aspects of Corporate Governance" known as "The Cadbury Committee" was set up in May 1991 for other reasons than the Maxwell case, it gives an interesting reading of the situation at the time:


History lesson: Cadbury 1992

According to The National Computing Centre, 2010: • Financial Aspects of Corporate Governance • Division of top responsibilities: – No one individual has powers of decision – Majority of independent non-executive directors – At least three non-executives on the audit committee (oversee accounting/financial reporting) – Majority of non-executives on the remuneration committee – Non-executives to be selected by the whole board


See also

* Corporate governance *
Hampel Report The Hampel Report was designed to be a revision of the corporate governance system in the UK. The remit of the committee was to review the Code laid down by the Cadbury Report (now found in the Combined Code). It asked whether the code's original ...
(1998) *
Turnbull Report ''Internal Control: Guidance for Directors on the Combined Code'' (1999) also known as the "Turnbull Report" was a report drawn up with the London Stock Exchange for listed companies. The committee which wrote the report was chaired by Nigel Turn ...
(1999) *
Higgs Report ''Review of the role and effectiveness of non-executive directors'' (or the "Higgs review") was a report chaired by Derek Higgs on corporate governance commissioned by the UK government, published on 20 January 2003. It reviewed the role and effec ...
(2003) *
Smith Report The Smith Report was a report on corporate governance submitted to the UK government in 2003. It was concerned with the independence of auditors in the wake of the collapse of Arthur Andersen and the Enron scandal in the US in 2002. Its recommen ...
(2003) *
King Report on Corporate Governance The King Report on Corporate Governance is a booklet of guidelines for the governance structures and operation of companies in South Africa. It is issued by the King Committee on Corporate Governance. Three reports were issued in 1994 (King I), 20 ...
*
UK Corporate Governance Code The UK Corporate Governance code, formerly known as the Combined Code (from here on referred to as "the Code") is a part of UK company law with a set of principles of good corporate governance aimed at companies listed on the London Stock Exchang ...
*
Treadway Commission The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is an organization that develops guidelines for businesses to evaluate internal controls, risk management, and fraud deterrence. In 1992 (and subsequently re-released in 20 ...
in the United States


References


Citations


Sources

* History lesson: Cadbury 1992 © The National Computing Centre 2010. {{refend


External links


Report of the Committee on the Financial Aspects of Corporate Governance (the Cadbury Report)
Corporate governance in the United Kingdom 1992 in economics Reports on finance and business 1992 in the United Kingdom