Verfügbarkeit: A practical guide to corporate governance

A practical guide to corporate governance:

Gespeichert in:

Bibliographische Detailangaben
1. Verfasser:	Smerdon, Richard (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	London Sweet & Maxwell 2004
Ausgabe:	2. ed.
Schlagworte:	Corporate Governance Gesellschaftsrecht Großbritannien
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	XLIX, 770 S.
ISBN:	042185300X

Internformat

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Datensatz im Suchindex

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adam_text	CONTENTS PREFACE XXIII A NOTE ABOUT THE COMPANIES BILL XXVII ACKNOWLEDGEMENTS XXXV ABOUT THE AUTHORS XXXVII TABLE OF CASES XXXIX TABLE OF STATUTES XLI TABLE OF RULES AND REPORTS XLV CHAPTER 1 DEFINITION AND BACKGROUND DEFINITION 1.001 BACKGROUND OF SCANDAL AND THE HISTORICAL EVOLUTION OF CONTEMPORARY UK CORPORATE GOVERNANCE 1.002 GREENBURY 1.003 THE COMBINED CODE 1.004 TURNBULL 1.005 SHAREHOLDER ACTIVISM AND THE MYNERS REPORT 1.006 UK POST-ENRON INITIATIVES 1.007 HIGGS 1.008 SARBANES-OXLEY 1.009 UK COMPANY LAW REFORM 1.010 THE EXTENSION OF THE GOVERNANCE DEBATE INTO NON-CORPORATE AREAS* CAN THE COMMERCIAL SECTOR LEARN THINGS? 1.011 THE OBJECTIVE OF CORPORATE GOVERNANCE 1.012 SHAREHOLDER VALUE VERSUS STAKEHOLDER PROTECTION 1.013 A FALSE ANTITHESIS? 1.015 VN CONTENTS A SUGGESTED BUSINESS-FOCUSSED OBJECTIVE FOR CORPORATE GOVERNANCE 1.016 COMPLY OR EXPLAIN AND THE CURSE OF BOX TICKING 1 -017 CODES OR LEGISLATION 1.018 TOWARDS A VALUES-BASED UNDERSTANDING OF GOVERNANCE 1.019 DOES GOOD CORPORATE GOVERNANCE MATTER? 1 020 CONCLUSION 1.021 CHAPTER 2 THE REGULATORY REGIME GENERAL REGIME FOR LISTED COMPANIES 2.001 BACKGROUND TO THE COMBINED CODE 2.002 THE REVISED 2003 COMBINED CODE 2.003 LISTING RULE 12.43A 2.004 MODEL CODE AND MARKET ABUSE 2.005 EFFECTIVE DATE OF REVISED COMBINED CODE REGULATORY STATUS OF THE COMBINED CODE AND LISTING RULES AND SANCTIONS 2.006 SMALLER LISTED COMPANIES 2.007 AIM COMPANIES 2.008 PRIVATE COMPANIES 2.009 THE COMPANIES ACT 1985ENFORCEMENT OF FAIR DEALING BY DIRECTORS 2.010 LONG-TERM INCENTIVE SCHEMES 2.011 EMPLOYEES SHARE SCHEMES AND LONG-TERM INCENTIVE SCHEMES 2.012 TRANSACTIONS WITH RELATED PARTIES 2.013 CHAPTER 3 THE BOARD AND ITS STRUCTURE INTRODUCTION 3.001 THE ROLE OF THE BOARD 3.002 EFFECTIVENESS 3.003 BOARD COMPOSITION 3.004 SIZE 3.004 BALANCE 3.005 CHAIRMAN AND CHIEF EXECUTIVE 3.006 NUMBERS OF INDEPENDENT NON-EXECUTIVE DIRECTORS 3.007 DEFINITION OF INDEPENDENCE 3.008 THE SENIOR INDEPENDENT DIRECTOR 3.009 RECRUITMENT AND APPOINTMENT 3.010 COMMITTEES OF THE BOARD 3.011 VIII CONTENTS MEETINGS OF NON-EXECUTIVE DIRECTORS INDUCTION AND PROFESSIONAL DEVELOPMENT INFORMATION LEGAL ADVICE AND INSURANCE RE-ELECTION, RESIGNATION AND RETIREMENT PERFORMANCE EVALUATION CONCLUSIONVALUES CHAPTER 4 DIRECTORS PART I: GENERAL PRINCIPLES CHAPTER 5 DIRECTORS PART II: THE NON-EXECUTIVE DIRECTOR INTRODUCTION THE ROLE OF THE NON-EXECUTIVE DIRECTOR CADBURY HAMPEL HIGGS 3.015 3.016 3.017 3.018 3.019 3.020 3.021 INTRODUCTION A GLOSSARY OF DEFINITIONS DIRECTOR S DUTIES COMMON LAW DUTIES OWED TO THE COMPANY FIDUCIARY DUTY DUTY OF SKILL AND CARE STATUTORY DUTIES WRONGFUL TRADING DISQUALIFICATION FRAUDULENT TRADING HEALTH AND SAFETY AT WORK ENVIRONMENTAL LIABILITIES INSIDER DEALING AND OFFENCES UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 STATEMENTS MADE BY DIRECTORS UNDER THE COMBINED CODE RELIEF UNDER S.727 OF THE COMPANIES ACT 1985 FOR BREACH OF DUTY SOME PRACTICAL SOLUTIONS FOR PERSONAL RISK MANAGEMENT A COMPLIANCE STRATEGY FUTURE DEVELOPMENTS GENERAL CONCLUSIONS SCHEDULE PROPOSED STATUTORY STATEMENT OF DIRECTORS DUTIES 4.001 4.002 4.007 4.008 4.009 4.011 4.012 4.013 4.014-16 4.017 4.018 4.019 4.020 4.025/1 4.026 4.027 4.028 5.001 5.002 5.003 5.004 IX CONTENTS THE COMBINED CODE 5.005 THE QUALITIES OF A NON-EXECUTIVE DIRECTOR 5.006 TIME COMMITMENT 5.007 RECRUITMENT AND APPOINTMENT 5.008 TERMS OF APPOINTMENT 5.009 PRE-APPOINTMENT DUE DILIGENCE 5.010 INDUCTION 5.011 INDEPENDENCE IN OFFICE 5.012 INFORMATION, TRAINING AND PERFORMANCE APPRAISAL 5.013 RELATIONSHIPS WITH SHAREHOLDERS 5.014 RESIGNATION AND RETIREMENT 5.015 DIRECTORS AND OFFICERS INSURANCE 5.016 THE NON-EXECUTIVE DIRECTOR IN THE FAMILY COMPANY 5.017 CONCLUSION 5.018 CHAPTER 6 THE CHAIRMAN INTRODUCTION THE JOB SPECIFICATION LEGAL STATUS THE COMBINED CODETHE CONTEMPORARY ROLE OF THE CHAIRMAN DEFINED SEPARATION FROM ROLE OF CEO INDEPENDENT CHAIRMAN SHOULD NOT HAVE BEEN CEO THE CONDUCT OF MEETINGS THE WIDER CONTEMPORARY ROLE BUILDING A BOARD THE COMPOSITION OF THE BOARD RELATIONSHIP WITH THE CEO RELATIONSHIP WITH THE LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR INFORMATION, PROFESSIONAL DEVELOPMENT AND BOARD APPRAISAL CONSULTATION ROLE WITH SHAREHOLDERS ON DIRECTORS PAY RELATIONSHIPS WITH SHAREHOLDERS CONCLUSION 6.001 6.0O2 6.003 6.004 6.005 6.006 6.007 6.008 6.009 6.010 6.011 6.012 6.013 6.014 6.015 6.016 6.017 CHAPTER 7 THE COMPANY SECRETARY INTRODUCTION 7.001 THE COMPANY SECRETARY AND GOVERNANCE CONTENTS THE IDEAL THE COMBINED CODE THE COMPANIES ACT REQUIREMENT AND QUALIFICATIONS LEGAL STATUS KEY DUTIES BOARD MEETINGS GENERAL MEETINGS THE ANNUAL REPORT AND ACCOUNTS AND ANNUAL GENERAL MEETING DIVIDENDS MEMORANDUM AND ARTICLES OF ASSOCIATION GENERAL COMPLIANCE STOCK EXCHANGE REQUIREMENTS STATUTORY REGISTERS STATUTORY RETURNS REPORTS AND ACCOUNTS SHARE REGISTRATION SHAREHOLDER MONITORING SHARE AND CAPITAL ISSUES ACQUISITIONS AND DISPOSALS NON-EXECUTIVE DIRECTORS COMPANY SEAL REGISTERED OFFICE SUBSIDIARY COMPANIES GENERAL ADDITIONAL DUTIES LIABILITIES KEY QUALITIES TECHNICAL COMPETENCE STRENGTH OF PERSONALITY AN ABILITY TO ACHIEVE GOOD COMMUNICATION WITH AND BETWEEN THE BOARD GOOD COMMUNICATION WITH OUTSIDE ADVISORS TROUBLESHOOTING INTEGRITY MANAGEMENT OF KEY RELATIONSHIPS CONCLUSION CHAPTER 8 BOARD MEETINGS INTRODUCTION BASIC RULES FREQUENCY OF BOARD MEETINGS NOTICE OF MEETINGS 7.002 7.003 7.006 7.007 7.008 7.009 7.010 7.011 7.012 7.013 7.014 7.015 7.016 7.017 7.018 7.019 7.020 7.021 7.022 7.023 7.024 7.025 7.026 7.027 7.028 7.029 7.030 7.031 7.032 7.033 7.034 7.035 7.036 7.037 8.001 8.002 8.003 8.004 XI CONTENTS AGENDA 8.005 BASIC INITIAL PROCEDURES AND MATTERS WHICH SHOULD ALWAYS BE RESERVED TO THE BOARD FOR DECISION 8.006 QUORUM AND WHAT CONSTITUTES A MEETING 8.007 PROCEEDINGS AT BOARD MEETINGS GENERAL 8.008 CHAIRMAN 8.009 CONFLICTS OF INTEREST 8.010 VOTING AT, MINUTES OF AND RESOLUTIONS OF MEETINGS OF DIRECTORS 8.011 CONCLUSION 8.012 CHAPTER 9 DIRECTORS REMUNERATION INTRODUCTION 9.001 BACKGROUND CADBURY, GREENBURY AND HAMPEL 9.002 THE DIRECTORS REMUNERATION REPORT REGULATIONS 2002 9.003 THE REMUNERATION COMMITTEE THE FUNCTION OF THE REMUNERATION COMMITTEE 9.004 REMUNERATION POLICYTHE APPROACH TO THE SETTING OF PAY LEVELS GREENBURY AND HAMPEL 9.006 COMBINED CODE ON REMUNERATION POLICY 9.007 THE INSTITUTIONAL VIEW ON REMUNERATION POLICY 9.008 INCENTIVE SCHEMES THE COMBINED CODE 9.009 INSTITUTIONAL VIEWS 9.010 SERVICE AGREEMENTS AND COMPENSATION FOR EARLY TERMINATION THE PROBLEM AND THE GOVERNMENT VIEW 9.011 COMBINED CODE 9.014 INSTITUTIONAL VIEWS ON DAMAGES 9.015 CONCLUSION 9.016 CHAPTER 10 D&O POLICIES WHAT IS D&O INSURANCE? 10.001 A BRIEF HISTORY OF D&O INSURANCE 10.002 TYPES OF COVER AVAILABLEWHO IS COVERED? 10.003 COVER 1THE DIRECTORS & OFFICERS 10.004 COVER 2COMPANY REIMBURSEMENT 10.O05 COVER 3INVESTIGATION COSTS 10.006 OTHER OPTIONAL COVERS 10.007 XII CONTENTS HOW DOES THE COVER MEET THE EXPOSURES? THE POLICYGENERAL CIVIL CLAIMS BROUGHT BY THE COMPANY CLAIMS BY SHAREHOLDERS CLAIMS BY THIRD PARTIES CLAIMS ARISING OUT OF PUBLIC OFFERINGS EMPLOYMENT PRACTICE (EPL) CLAIMS INSOLVENCY ACT CLAIMS DISQUALIFICATION CLAIMS CRIMINAL PROCEEDINGS FSMA 2000 PROCEEDINGS, FINES AND RESTITUTION ORDERS CONCLUSIONS WHAT IS EXCLUDED? DISHONESTY CLAIMS ARISING OUT OF PUBLIC OFFERINGS CIVIL CLAIMS BROUGHT BY THE COMPANY US SECURITIES ACT / SECURITIES EXCHANGE ACT CLAIMS CLAIMS ARISING OUT OF TERRORISM MARKET ABUSE PERSONAL INJURIES, POLLUTION, PROFESSIONAL LIABILITY AND OTHER INSURANCE PRIOR CLAIMS BUYING A POLICY FINDING THE RIGHT COVER POLICY LIMITS AND EXCESSES FORMATION OF THE INSURANCE CONTRACT THE PROPOSAL FORM THE ANNUAL REPORT AND ACCOUNTS NOTIFICATION AND HANDLING OF CLAIMS NOTIFICATION OF CLAIMS AND/OR CIRCUMSTANCES REASONABLE CO-OPERATION ADMISSIONS OF LIABILITY, SETTLEMENTS OR PAYMENTS WITHOUT PRIOR APPROVAL CLAIM CONTROL REASONABLE COSTS DISCLOSURE OF THE POLICY TO THIRD PARTIES CONCLUSIONS 10.008 10.009 10.010 10.011 10.012 10.013 10.014 10.015 10.016 10.017 10.018 10.019 10.020 10.021 10.022 10.023 10.024 10.025 10.026 10.027 10.028 10.029 10.030 10.031 10.032 10.033 10.034 10.035 10.036 10.037 10.038 10.039 10.040 10.041 CHAPTER 11 FINANCIAL REPORTING AND INTERNAL CONTROL INTRODUCTION 11.001 FINANCIAL REPORTING THE COMBINED CODE 11.002 XIII CONTENTS THE COMPANIES ACT 1985 11 003 THE PROBLEM 11.006 ACCOUNTING POLICIESFRS 18 11.007 THE CO-ORDINATING GROUP ON AUDIT AND ACCOUNTING ISSUES REPORT 2003 11008 THE SMITH REPORT, JANUARY 2003 11.009 INTERNAL CONTROL 11.010 THE COMBINED CODE AND LISTING RULE 12.43A 11.011 HISTORICAL BACKGROUND 11.013 PRACTICAL IMPLICATIONS OF THE APPLICATION OF THE TURNBULL GUIDANCE 11.014 WHAT IS A SOUND SYSTEM OF INTERNAL CONTROL? 11.016 HOW DOES A BOARD REVIEW THE EFFECTIVENESS OF INTERNAL CONTROLS? 11.017 PRACTICAL STEPS 11.018 CONCLUSION 11.019 CHAPTER 12 THE AUDITOR AND THE AUDIT COMMITTEE THE AUDITOR INTRODUCTION AND BACKGROUND 12.001 STATUTORY AND QUASI-STATUTORY DUTIES 12.002 AUDITING STANDARDS 12.006 THE PROBLEM OF AUDITOR INDEPENDENCE 12.007 THE AUDIT COMMITTEE INTRODUCTION AND BACKGROUND 12.012 THE AUDIT COMMITTEE AND ITS PURPOSE 12.013 CONCLUSION 12.026 CHAPTER 13 THE ANNUAL REPORT THE ANNUAL REPORTGENERAL 13.001 THE GOVERNANCE SECTION OF THE ANNUAL REPORT 13.002 SUMMARY OF DISCLOSURE OF CORPORATE GOVERNANCE ARRANGEMENTS UNDER THE 2003 REVISED COMBINED CODE 13.003 CHAPTER 14 THE ANNUAL GENERAL MEETING INTRODUCTION 14.001 COMPANIES ACT REQUIREMENTS 14.002 XIV CONTENTS COMPANY ACCOUNTS 14.003 DIRECTORS RETIREMENTS AND APPOINTMENTS 14.004 DIVIDENDS 14.005 AUDITOR 14.006 NOTICE OF MEETING 14.007 BEST PRACTICE AT THE ANNUAL MEETING, BOTH GENERALLY AND BY REFERENCE TO THE COMBINED CODE 14.008 VENUE 14.009 RESOLUTIONS 14.010 REMUNERATION REPORT 14.011 QUESTIONS 14.012 PRESENTATION AND COMMUNICATION 14.013 VOTING 14.014 DISCLOSING PROXY VOTES 14.016 AMENDMENTS TO RESOLUTIONS 14.018 REQUISITIONISTS 14.020 THE ROLE OF THE CHAIRMAN 14.022 QUESTIONS AND FREEDOM OF SPEECH 14.024 KEEPING ORDER AND DISRUPTIVE BEHAVIOUR 14.026 THE FUTURE OF ANNUAL GENERAL MEETINGS 14.031 CONCLUSION 14.032 CHAPTER 15 COMMUNICATING WITH SHAREHOLDERS INTRODUCTION 15.001 THE REGULATORY FRAMEWORK THE COMBINED CODE 15.002 INSIDER DEALING, S.21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FSMA) AND MARKET ABUSE 15.003 PRACTICAL GUIDE TO DEALING WITH PRICE SENSITIVE INFORMATIONTHE OPPORTUNITIES FOR CLEAR COMMUNICATION GENERAL 15.009 MAKING PARTIES AS INSIDER 15.010 THE UK LISTING AUTHORITY GUIDANCE 15.011 INTERNAL GUIDELINES FOR HANDLING PRICE SENSITIVE ISSUES 15.012 SIGNING UP TO THE MODEL CODE 15.013 PROCEDURE FOR ISSUING PRESS RELEASES AND CONDUCTING INTERVIEWS WITH THE PRESS 15.014 INVESTOR RELATIONSHIPS 15.015 THE HIGGS REVIEW S ASSESSMENT OF RELATIONSHIPS BY NON- EXECUTIVE DIRECTORS WITH SHAREHOLDERS 15.016 THE WINNING PARTNERSHIP REPORT 15.017 XV CONTENTS PRIVATE SHAREHOLDERS 15.022 CONCLUSION 15.023 CHAPTER 16 INSTITUTIONAL SHAREHOLDER ACTIVISM INTRODUCTION AND DEFINITIONS 16.001 PART 1: BACKGROUND THE COMBINED CODE 16.002 HISTORICAL DEVELOPMENT OF ACTIVISM 16.003 VOTING POLICIESGENERAL 16.004 INSTITUTIONAL VOTING POLICIESSPECIFIC EXAMPLES 16.007 CIS 16.010 TUC SUPERANNUATION SOCIETY 16.011 KEEPING THE SCORE 16.012 PART 2: THE HERMES APPROACH AND A CASE STUDY 16.016 THEORY INTO PRACTICEA CASE STUDY 16.017 CHAPTER 17 CORPORATE SOCIAL RESPONSIBILITY INTRODUCTION 17.001 WORKING DEFINITION 17.002 CSR AND COMPANY LAW REFORM 17.003 WHAT DOES IT MEAN IN PRACTICE? 17.004 REPUTATION RISK 17.005 THE BUSINESS CASE FOR CSR AND SEE 17.006 THE MANAGEMENT OF RISK 17.007 THE BROADER BUSINESS CASE 17.008 FACTORS SHAPING THE CSR FIELD 17.017 INSTITUTIONAL ACTIVISM 17.025 COMPANY CODES OF CONDUCT 17.026 INDEPENDENT VERIFICATION 17.027 THE INSTITUTE OF BUSINESS ETHICS 17.028 USEFUL WEBSITES 17.029 CONCLUSION 17.030 CHAPTER 18 GOVERNANCE IN THE CONTEXT OF LISTING INTRODUCTION 18.001 RESPONSIBILITIES AND LIABILITIES OF DIRECTORS XVI CONTENTS FINANCIAL SERVICES AND MARKETS ACT 2000 (FSMA) 18.002 THE PERSONS RESPONSIBLE FOR THE LISTING PARTICULARS 18.003 GENERAL DUTY OF DISCLOSURE 18.004 SUPPLEMENTARY LISTING PARTICULARS 18.008 LIABILITY TO PAY COMPENSATION UNDER THE FSMA 18.010 OTHER CIVIL LIABILITY 18.011 CRIMINAL LIABILITY 18.016 MARKETING THE COMPANY S SHARES 18.017 STEPS TO BE TAKEN BY DIRECTORS CHECK THE CONTENT OF THE LI STING PARTICULARS 18.021 READ THE PROOFS 18.022 VERIFICATION 18.024 GENERAL 18.028 CONTINUING OBLIGATIONS OF THE DIRECTORS INTRODUCTION 18.030 REPORTING REQUIREMENTS 18.031 RIGHTS AS BETWEEN HOLDERS OF LISTED SECURITIES 18.034 TRANSACTIONS 18.035 FINANCIAL INFORMATION 18.041 COMMUNICATIONS WITH SHAREHOLDERS AND OTHER DOCUMENTS 18.042 DIRECTORS 18.044 MARKET ABUSE 18.050 PRESCRIBED BEHAVIOUR 18.051 LISTED COMPANIES 18.052 CITY CODE ON TAKEOVERS AND MERGERS 18.053 RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF SHARES (SARS) 18.054 ENFORCEMENT OF THE LISTING RULES AND SANCTIONS 18.055 CHAPTER 19 PENSION FUNDS INTRODUCTION 19.001 PENSION FUND STRUCTURES 19.002 DUTIES OF THE PENSION FUND TRUSTEE 19.003 DECISION MAKING AND THE USE OF ADVISERS 19.004 DEFICITS AND WINDING-UP 19.006 INVESTMENT RETURNS AND FUND MANAGEMENT 19.007 PENSION FUNDS AND THE WIDER GOVERNANCE DEBATE 19.008 THE FUTURE OF PENSION FUND GOVERNANCE 19.009 CHAPTER 20 THE NOT-FOR-PROFIT SECTOR INTRODUCTION 20.001 XVII CONTENTS THE COMPANY LIMITED BY GUARANTEE GUARANTEE CLAUSE USE OF THE WORD LIMITED NOT-FOR-PROFIT PROVISIONS TABLE C RULES OR BYE-LAWS THE OBJECTS CLAUSE THE DIVISION OF POWER BETWEEN THE MEMBERS AND THE BOARD OBSERVERS THE STATUS OF DIRECTORS OF NOT-FOR-PROFIT COMPANIES TERMINOLOGY DIRECTORS OF CHARITABLE COMPANIES THE ROLE OF THE NOT-FOR-PROFIT DIRECTOR DUTY OF CARE NOLAN APPLICATION OF INCOME AND PROPERTY FUND-RAISING INVESTING FUNDS REMUNERATION OF NOT-FOR-PROFIT DIRECTORS ELIGIBILITY OF CHARITY TRUSTEES RECRUITMENT, INDUCTION AND TRAINING INDUCTION THE BOARD OF DIRECTORS FREQUENCY OF BOARD MEETINGS SIZE OF THE BOARD TERM OF OFFICE DELEGATION OF RESPONSIBILITIES EXECUTIVE COMMITTEES ALTERNATE DIRECTORS LIABILITY OF CHARITY TRUSTEES ACCOUNTING REQUIREMENTS CHARITIES AND TRADING 20.002 20.003 20.004 20.005 20.006 20.007 20.008 20.009 20.010 20.011 20.012-13 20.014 20.015 20.016 20.017 20.018 20.019 20.020 20.020/2 20.021 20.021 20.022 20.023 20.024 20.025 20.026 20.027 20.028 20.029 20.030 CHAPTER 21 CENTRAL GOVERNMENT INTRODUCTION OBJECTS OF GOVERNANCE IN CENTRAL GOVERNMENT BACKGROUND TO GOVERNMENT ORGANISATION OF CENTRAL GOVERNMENT PUBLIC AND PRIVATE SECTOR COMPARISONS ETHICS AND THE PUBLIC SECTOR CENTRAL GOVERNMENT ACCOUNTABILITY STRUCTURES CENTRAL GOVERNMENT BOARDS 21.001 21.002 21.003 21.004 21.005 21.006 21.007 21.008 XVIN CONTENTS THE ROLE OF NON-EXECUTIVE DIRECTORS ON CENTRAL GOVERNMENT BOARDS 21.009 HIGGS AND ITS IMPLICATIONS 21.010 AUDIT COMMITTEES 21.011 AUDIT COMMITTEES AND THE SMITH REPORT 21.012 AUDIT IN CENTRAL GOVERNMENT 21.013 THE NATIONAL AUDIT OFFICE 21.014 GOVERNANCE AND THE STATEMENT OF INTERNAL CONTROL 21.015 FINANCIAL REPORTING IN CENTRAL GOVERNMENT ORGANISATIONS 21.016 THE MODERNISING GOVERNMENT AGENDA AND ITS IMPLICATIONS FOR GOVERNANCE 21.017 EFFECTIVE DEPARTMENTAL GOVERNANCE AND LEADERSHIP 21.018 SIMPLER AGENCY GOVERNANCE 21.019 AGENCIES FRAMEWORK DOCUMENTS 21.020 CONCLUSION 21.021 FURTHER READING 21.022 USEFUL WEBSITES 21.023 CHAPTER 22 THE EU AND THE USA INTRODUCTION 22.001 GOVERNANCE IN THE EUROPEAN UNION 22.002 AUDIT COMMITTEES 22.004 CURRENT EUROPEAN CORPORATE GOVERNANCE CODES 22.005 PAN-EUROPEAN 22.006 EUROPEAN UNION MEMBER STATESPRINCIPAL MEMBER STATES CODES, GUIDELINES AND PRINCIPLES 22.007 THE UNITED STATESTHE CURRENT GOVERNANCE SCENEAN OVERVIEW POST-SARBANES-OXLEY INTRODUCTION 22.013 THE SARBANES-OXLEY ACT 2002 22.014 EFFECT OF PRINCIPAL SEC RULES ON NON-US COMPANIES 22.015 APPENDIX 1 THE COMBINED CODE ON CORPORATE GOVERNANCE JULY 2003 371 APPENDIX 2 THE HIGGS REVIEW: REVIEW OF THE ROLE AN EFFECTIVENESS OF NON- EXECUTIVE DIRECTORS JANUARY 2003 397 APPENDIX 3 THE HAMPEL REPORT: COMMITTEE ON CORPORATE GOVERNANCEFINAL REPORT, JANUARY 1998 455 XIX CONTENTS APPENDIX 4 LISTING RULE 12.43A 499 APPENDK 5 COMBINED CODE CHECKLIST 503 APPENDIX 6 GUIDANCE ON INTERNAL CONTROL (THE TURNBULL GUIDANCE) 5 3 APPENDIX 7 THE HIGGS REVIEW: PRE-APPOINTMENT DUE DILIGENCE CHECKLIST FOR NEW BOARD MEMBERS 537 APPENDK 8 THE HIGGS REVIEW: GUIDANCE ON THE ROLE O F THE NON-EXECUTIVE DIRECTOR 539 APPENDK 9 THE HIGGS REVIEW: SAMPLE LETTER OF NON-EXECUTIVE DIRECTOR APPOINTMENT 541 APPENDK 10 THE HIGGS REVIEW: INDUCTION CHECKLIST 545 APPENDK 11 THE HIGGS REVIEW: GUIDANCE ON THE ROLE OF THE CHAIRMAN 547 APPENDK 12 THE HIGGS REVIEW: PERFORMANCE EVALUATION GUIDANCE 549 APPENDK 13 MATTERS WHICH SHOULD BE PRESENTED TO THE BOARD 553 APPENDK 14 ICSA GUIDANCE NOTE: SPECIMEN JOB DESCRIPTION FOR THE CORPORATE GOVERNANCE ROLE OF THE COMPANY SECRETARY 555 APPENDK 15 THE COMPANY SECRETARYLIABILITY FOR OFFENCES UNDER THE COMPANIES ACT 559 APPENDK 16 ICSA GUIDANCE NOTEMODEL BOARD RESOLUTION ON INDEPENDENT PROFESSIONAL ADVICE 569 XX CONTENTS APPENDIX 17 SPECIMEN ARTICLE PERMITTING DELEGATION TO COMMITTEES 571 APPENDIX 18 MINUTES CONFIRMING MODEL CODE AND APPOINTING AUDIT, REMUNERATION AND NOMINATION COMMITTEES 573 APPENDIX 19 TERMS OF REFERENCE OF THE NOMINATION COMMITTEE 575 APPENDIX 20 SUMMARY OF THE PRINCIPAL DUTIES OF THE NOMINATION COMMITTEE 579 APPENDIX 21 AUDIT COMMITTEESCOMBINED CODE GUIDANCE 581 APPENDIX 22 TERMS OF REFERENCE OF THE AUDIT COMMITTEE 595 APPENDIX 23 SUMMARY OF THE PRINCIPAL DUTIES OF THE REMUNERATION COMMITTEE 601 APPENDIX 24 ICSA TERMS OF REFERENCE OF REMUNERATION COMMITTEE 603 APPENDIX 25 ICSA GUIDANCE NOTEPRINCIPLES OF EXECUTIVE SERVICE CONTRACTS 607 APPENDIX 26 ICSA GUIDANCE NOTELISTED COMPANY REPORTING REQUIREMENTS FOR DIRECTORS REMUNERATION 611 APPENDIX 27 ASSOCIATION OF BRITISH INSURERSGUIDELINES ON EXECUTIVE REMUNERATION 615 APPENDIX 28 STOCK EXCHANGE LISTING RULES FOR DIRECTORS 635 APPENDIX 29 ICSA GUIDANCE NOTE DIRECTORS SHARE DEALINGS 641 APPENDIX 30 UK LISTING RULES APPENDIX TO CHAPTER 16: THE MODEL CODE 645 XXI CONTENTS APPENDIX 31 SUMMARY GUIDE TO BEST PRACTICE AT AGMS 657 APPENDIX 32 ICSA GUIDANCE NOTETHE CHAIRMAN S OBLIGATIONS REGARDING POLLS & PROXIES 661 APPENDIX 33 ICGN STATEMENT ON INSTITUTIONAL SHAREHOLDER RESPONSIBILITIES 665 APPENDIX 34 AUDITOR S LIABILITY: THE CAPARO CASE 671 APPENDIX 35 ICSA GUIDANCE NOTEUPDATE TO ELECTRONIC COMMUNICATIONS WITH SHAREHOLDERS: A GUIDE TO BEST PRACTICE PUBLISHED BY THE ICSA DECEMBER 2000 677 APPENDIX 36 SPECIMEN EXTERNAL RELATIONS PROCEDURE 683 APPENDIX 37 ASSOCIATION OF BRITISH INSURERS: DISCLOSURE GUIDELINES ON SOCIALLY- RESPONSIBLE INVESTMENT 689 APPENDIX 38 INSTITUTIONAL SHAREHOLDERS COMMITTEE THE RESPONSIBILITIES OF INSTITUTIONAL SHAREHOLDERS AND AGENTSSTATEMENT OF PRINCIPLES 695 APPENDIX 39 HERMES INVESTMENT MANAGEMENT LTD 701 APPENDIX 40 EXAMPLE D&O POLICY WORDING 715 XXN
adam_txt	CONTENTS PREFACE XXIII A NOTE ABOUT THE COMPANIES BILL XXVII ACKNOWLEDGEMENTS XXXV ABOUT THE AUTHORS XXXVII TABLE OF CASES XXXIX TABLE OF STATUTES XLI TABLE OF RULES AND REPORTS XLV CHAPTER 1 DEFINITION AND BACKGROUND DEFINITION 1.001 BACKGROUND OF SCANDAL AND THE HISTORICAL EVOLUTION OF CONTEMPORARY UK CORPORATE GOVERNANCE 1.002 GREENBURY 1.003 THE COMBINED CODE 1.004 TURNBULL 1.005 SHAREHOLDER ACTIVISM AND THE MYNERS REPORT 1.006 UK POST-ENRON INITIATIVES 1.007 HIGGS 1.008 SARBANES-OXLEY 1.009 UK COMPANY LAW REFORM 1.010 THE EXTENSION OF THE GOVERNANCE DEBATE INTO NON-CORPORATE AREAS* CAN THE COMMERCIAL SECTOR LEARN THINGS? 1.011 THE OBJECTIVE OF CORPORATE GOVERNANCE 1.012 SHAREHOLDER VALUE VERSUS STAKEHOLDER PROTECTION 1.013 A FALSE ANTITHESIS? 1.015 VN CONTENTS A SUGGESTED BUSINESS-FOCUSSED OBJECTIVE FOR CORPORATE GOVERNANCE 1.016 "COMPLY OR EXPLAIN" AND THE CURSE OF "BOX TICKING" 1 -017 CODES OR LEGISLATION 1.018 TOWARDS A VALUES-BASED UNDERSTANDING OF GOVERNANCE 1.019 DOES "GOOD" CORPORATE GOVERNANCE MATTER? 1 020 CONCLUSION 1.021 CHAPTER 2 THE REGULATORY REGIME GENERAL REGIME FOR LISTED COMPANIES 2.001 BACKGROUND TO THE COMBINED CODE 2.002 THE REVISED 2003 COMBINED CODE 2.003 LISTING RULE 12.43A 2.004 MODEL CODE AND MARKET ABUSE 2.005 EFFECTIVE DATE OF REVISED COMBINED CODE REGULATORY STATUS OF THE COMBINED CODE AND LISTING RULES AND SANCTIONS 2.006 SMALLER LISTED COMPANIES 2.007 AIM COMPANIES 2.008 PRIVATE COMPANIES 2.009 THE COMPANIES ACT 1985ENFORCEMENT OF FAIR DEALING BY DIRECTORS 2.010 LONG-TERM INCENTIVE SCHEMES 2.011 EMPLOYEES' SHARE SCHEMES AND LONG-TERM INCENTIVE SCHEMES 2.012 TRANSACTIONS WITH RELATED PARTIES 2.013 CHAPTER 3 THE BOARD AND ITS STRUCTURE INTRODUCTION 3.001 THE ROLE OF THE BOARD 3.002 EFFECTIVENESS 3.003 BOARD COMPOSITION 3.004 SIZE 3.004 BALANCE 3.005 CHAIRMAN AND CHIEF EXECUTIVE 3.006 NUMBERS OF INDEPENDENT NON-EXECUTIVE DIRECTORS 3.007 DEFINITION OF INDEPENDENCE 3.008 THE SENIOR INDEPENDENT DIRECTOR 3.009 RECRUITMENT AND APPOINTMENT 3.010 COMMITTEES OF THE BOARD 3.011 VIII CONTENTS MEETINGS OF NON-EXECUTIVE DIRECTORS INDUCTION AND PROFESSIONAL DEVELOPMENT INFORMATION LEGAL ADVICE AND INSURANCE RE-ELECTION, RESIGNATION AND RETIREMENT PERFORMANCE EVALUATION CONCLUSIONVALUES CHAPTER 4 DIRECTORS PART I: GENERAL PRINCIPLES CHAPTER 5 DIRECTORS PART II: THE NON-EXECUTIVE DIRECTOR INTRODUCTION THE ROLE OF THE NON-EXECUTIVE DIRECTOR CADBURY HAMPEL HIGGS 3.015 3.016 3.017 3.018 3.019 3.020 3.021 INTRODUCTION A GLOSSARY OF DEFINITIONS DIRECTOR'S DUTIES COMMON LAW DUTIES OWED TO THE COMPANY FIDUCIARY DUTY DUTY OF SKILL AND CARE STATUTORY DUTIES WRONGFUL TRADING DISQUALIFICATION FRAUDULENT TRADING HEALTH AND SAFETY AT WORK ENVIRONMENTAL LIABILITIES INSIDER DEALING AND OFFENCES UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 STATEMENTS MADE BY DIRECTORS UNDER THE COMBINED CODE RELIEF UNDER S.727 OF THE COMPANIES ACT 1985 FOR BREACH OF DUTY SOME PRACTICAL SOLUTIONS FOR PERSONAL RISK MANAGEMENT A COMPLIANCE STRATEGY FUTURE DEVELOPMENTS GENERAL CONCLUSIONS SCHEDULE PROPOSED STATUTORY STATEMENT OF DIRECTORS' DUTIES 4.001 4.002 4.007 4.008 4.009 4.011 4.012 4.013 4.014-16 4.017 4.018 4.019 4.020 4.025/1 4.026 4.027 4.028 5.001 5.002 5.003 5.004 IX CONTENTS THE COMBINED CODE 5.005 THE QUALITIES OF A NON-EXECUTIVE DIRECTOR 5.006 TIME COMMITMENT 5.007 RECRUITMENT AND APPOINTMENT 5.008 TERMS OF APPOINTMENT 5.009 PRE-APPOINTMENT DUE DILIGENCE 5.010 INDUCTION 5.011 INDEPENDENCE IN OFFICE 5.012 INFORMATION, TRAINING AND PERFORMANCE APPRAISAL 5.013 RELATIONSHIPS WITH SHAREHOLDERS 5.014 RESIGNATION AND RETIREMENT 5.015 DIRECTORS AND OFFICERS INSURANCE 5.016 THE NON-EXECUTIVE DIRECTOR IN THE FAMILY COMPANY 5.017 CONCLUSION 5.018 CHAPTER 6 THE CHAIRMAN INTRODUCTION THE JOB SPECIFICATION LEGAL STATUS THE COMBINED CODETHE CONTEMPORARY ROLE OF THE CHAIRMAN DEFINED SEPARATION FROM ROLE OF CEO INDEPENDENT CHAIRMAN SHOULD NOT HAVE BEEN CEO THE CONDUCT OF MEETINGS THE WIDER CONTEMPORARY ROLE BUILDING A BOARD THE COMPOSITION OF THE BOARD RELATIONSHIP WITH THE CEO RELATIONSHIP WITH THE LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR INFORMATION, PROFESSIONAL DEVELOPMENT AND BOARD APPRAISAL CONSULTATION ROLE WITH SHAREHOLDERS ON DIRECTORS' PAY RELATIONSHIPS WITH SHAREHOLDERS CONCLUSION 6.001 6.0O2 6.003 6.004 6.005 6.006 6.007 6.008 6.009 6.010 6.011 6.012 6.013 6.014 6.015 6.016 6.017 CHAPTER 7 THE COMPANY SECRETARY INTRODUCTION 7.001 THE COMPANY SECRETARY AND GOVERNANCE CONTENTS THE IDEAL THE COMBINED CODE THE COMPANIES ACT REQUIREMENT AND QUALIFICATIONS LEGAL STATUS KEY DUTIES BOARD MEETINGS GENERAL MEETINGS THE ANNUAL REPORT AND ACCOUNTS AND ANNUAL GENERAL MEETING DIVIDENDS MEMORANDUM AND ARTICLES OF ASSOCIATION GENERAL COMPLIANCE STOCK EXCHANGE REQUIREMENTS STATUTORY REGISTERS STATUTORY RETURNS REPORTS AND ACCOUNTS SHARE REGISTRATION SHAREHOLDER MONITORING SHARE AND CAPITAL ISSUES ACQUISITIONS AND DISPOSALS NON-EXECUTIVE DIRECTORS COMPANY SEAL REGISTERED OFFICE SUBSIDIARY COMPANIES GENERAL ADDITIONAL DUTIES LIABILITIES KEY QUALITIES TECHNICAL COMPETENCE STRENGTH OF PERSONALITY AN ABILITY TO ACHIEVE GOOD COMMUNICATION WITH AND BETWEEN THE BOARD GOOD COMMUNICATION WITH OUTSIDE ADVISORS TROUBLESHOOTING INTEGRITY MANAGEMENT OF KEY RELATIONSHIPS CONCLUSION CHAPTER 8 BOARD MEETINGS INTRODUCTION BASIC RULES FREQUENCY OF BOARD MEETINGS NOTICE OF MEETINGS 7.002 7.003 7.006 7.007 7.008 7.009 7.010 7.011 7.012 7.013 7.014 7.015 7.016 7.017 7.018 7.019 7.020 7.021 7.022 7.023 7.024 7.025 7.026 7.027 7.028 7.029 7.030 7.031 7.032 7.033 7.034 7.035 7.036 7.037 8.001 8.002 8.003 8.004 XI CONTENTS AGENDA 8.005 BASIC INITIAL PROCEDURES AND MATTERS WHICH SHOULD ALWAYS BE RESERVED TO THE BOARD FOR DECISION 8.006 QUORUM AND WHAT CONSTITUTES A "MEETING" 8.007 PROCEEDINGS AT BOARD MEETINGS GENERAL 8.008 CHAIRMAN 8.009 CONFLICTS OF INTEREST 8.010 VOTING AT, MINUTES OF AND RESOLUTIONS OF MEETINGS OF DIRECTORS 8.011 CONCLUSION 8.012 CHAPTER 9 DIRECTORS' REMUNERATION INTRODUCTION 9.001 BACKGROUND CADBURY, GREENBURY AND HAMPEL 9.002 THE DIRECTORS' REMUNERATION REPORT REGULATIONS 2002 9.003 THE REMUNERATION COMMITTEE THE FUNCTION OF THE REMUNERATION COMMITTEE 9.004 REMUNERATION POLICYTHE APPROACH TO THE SETTING OF PAY LEVELS GREENBURY AND HAMPEL 9.006 COMBINED CODE ON REMUNERATION POLICY 9.007 THE INSTITUTIONAL VIEW ON REMUNERATION POLICY 9.008 INCENTIVE SCHEMES THE COMBINED CODE 9.009 INSTITUTIONAL VIEWS 9.010 SERVICE AGREEMENTS AND COMPENSATION FOR EARLY TERMINATION THE PROBLEM AND THE GOVERNMENT VIEW 9.011 COMBINED CODE 9.014 INSTITUTIONAL VIEWS ON DAMAGES 9.015 CONCLUSION 9.016 CHAPTER 10 D&O POLICIES WHAT IS D&O INSURANCE? 10.001 A BRIEF HISTORY OF D&O INSURANCE 10.002 TYPES OF COVER AVAILABLEWHO IS COVERED? 10.003 COVER 1THE DIRECTORS & OFFICERS 10.004 COVER 2COMPANY REIMBURSEMENT 10.O05 COVER 3INVESTIGATION COSTS 10.006 OTHER OPTIONAL COVERS 10.007 XII CONTENTS HOW DOES THE COVER MEET THE EXPOSURES? THE POLICYGENERAL CIVIL CLAIMS BROUGHT BY THE COMPANY CLAIMS BY SHAREHOLDERS CLAIMS BY THIRD PARTIES CLAIMS ARISING OUT OF PUBLIC OFFERINGS EMPLOYMENT PRACTICE (EPL) CLAIMS INSOLVENCY ACT CLAIMS DISQUALIFICATION CLAIMS CRIMINAL PROCEEDINGS FSMA 2000 PROCEEDINGS, FINES AND RESTITUTION ORDERS CONCLUSIONS WHAT IS EXCLUDED? DISHONESTY CLAIMS ARISING OUT OF PUBLIC OFFERINGS CIVIL CLAIMS BROUGHT BY THE COMPANY US SECURITIES ACT / SECURITIES EXCHANGE ACT CLAIMS CLAIMS ARISING OUT OF TERRORISM MARKET ABUSE PERSONAL INJURIES, POLLUTION, PROFESSIONAL LIABILITY AND OTHER INSURANCE PRIOR CLAIMS BUYING A POLICY FINDING THE RIGHT COVER POLICY LIMITS AND EXCESSES FORMATION OF THE INSURANCE CONTRACT THE PROPOSAL FORM THE ANNUAL REPORT AND ACCOUNTS NOTIFICATION AND HANDLING OF CLAIMS NOTIFICATION OF CLAIMS AND/OR CIRCUMSTANCES REASONABLE CO-OPERATION ADMISSIONS OF LIABILITY, SETTLEMENTS OR PAYMENTS WITHOUT PRIOR APPROVAL CLAIM CONTROL REASONABLE COSTS DISCLOSURE OF THE POLICY TO THIRD PARTIES CONCLUSIONS 10.008 10.009 10.010 10.011 10.012 10.013 10.014 10.015 10.016 10.017 10.018 10.019 10.020 10.021 10.022 10.023 10.024 10.025 10.026 10.027 10.028 10.029 10.030 10.031 10.032 10.033 10.034 10.035 10.036 10.037 10.038 10.039 10.040 10.041 CHAPTER 11 FINANCIAL REPORTING AND INTERNAL CONTROL INTRODUCTION 11.001 FINANCIAL REPORTING THE COMBINED CODE 11.002 XIII CONTENTS THE COMPANIES ACT 1985 11 003 THE PROBLEM 11.006 ACCOUNTING POLICIESFRS 18 11.007 THE CO-ORDINATING GROUP ON AUDIT AND ACCOUNTING ISSUES REPORT 2003 11008 THE SMITH REPORT, JANUARY 2003 11.009 INTERNAL CONTROL 11.010 THE COMBINED CODE AND LISTING RULE 12.43A 11.011 HISTORICAL BACKGROUND 11.013 PRACTICAL IMPLICATIONS OF THE APPLICATION OF THE TURNBULL GUIDANCE 11.014 WHAT IS A SOUND SYSTEM OF INTERNAL CONTROL? 11.016 HOW DOES A BOARD REVIEW THE "EFFECTIVENESS" OF INTERNAL CONTROLS? 11.017 PRACTICAL STEPS 11.018 CONCLUSION 11.019 CHAPTER 12 THE AUDITOR AND THE AUDIT COMMITTEE THE AUDITOR INTRODUCTION AND BACKGROUND 12.001 STATUTORY AND QUASI-STATUTORY DUTIES 12.002 AUDITING STANDARDS 12.006 THE PROBLEM OF AUDITOR INDEPENDENCE 12.007 THE AUDIT COMMITTEE INTRODUCTION AND BACKGROUND 12.012 THE AUDIT COMMITTEE AND ITS PURPOSE 12.013 CONCLUSION 12.026 CHAPTER 13 THE ANNUAL REPORT THE ANNUAL REPORTGENERAL 13.001 THE GOVERNANCE SECTION OF THE ANNUAL REPORT 13.002 SUMMARY OF DISCLOSURE OF CORPORATE GOVERNANCE ARRANGEMENTS UNDER THE 2003 REVISED COMBINED CODE 13.003 CHAPTER 14 THE ANNUAL GENERAL MEETING INTRODUCTION 14.001 COMPANIES ACT REQUIREMENTS 14.002 XIV CONTENTS COMPANY ACCOUNTS 14.003 DIRECTORS' RETIREMENTS AND APPOINTMENTS 14.004 DIVIDENDS 14.005 AUDITOR 14.006 NOTICE OF MEETING 14.007 "BEST PRACTICE" AT THE ANNUAL MEETING, BOTH GENERALLY AND BY REFERENCE TO THE COMBINED CODE 14.008 VENUE 14.009 RESOLUTIONS 14.010 REMUNERATION REPORT 14.011 QUESTIONS 14.012 PRESENTATION AND COMMUNICATION 14.013 VOTING 14.014 DISCLOSING PROXY VOTES 14.016 AMENDMENTS TO RESOLUTIONS 14.018 REQUISITIONISTS 14.020 THE ROLE OF THE CHAIRMAN 14.022 QUESTIONS AND FREEDOM OF SPEECH 14.024 KEEPING ORDER AND DISRUPTIVE BEHAVIOUR 14.026 THE FUTURE OF ANNUAL GENERAL MEETINGS 14.031 CONCLUSION 14.032 CHAPTER 15 COMMUNICATING WITH SHAREHOLDERS INTRODUCTION 15.001 THE REGULATORY FRAMEWORK THE COMBINED CODE 15.002 INSIDER DEALING, S.21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FSMA) AND "MARKET ABUSE" 15.003 PRACTICAL GUIDE TO DEALING WITH PRICE SENSITIVE INFORMATIONTHE OPPORTUNITIES FOR CLEAR COMMUNICATION GENERAL 15.009 "MAKING" PARTIES AS INSIDER 15.010 THE UK LISTING AUTHORITY GUIDANCE 15.011 INTERNAL GUIDELINES FOR HANDLING PRICE SENSITIVE ISSUES 15.012 SIGNING UP TO THE MODEL CODE 15.013 PROCEDURE FOR ISSUING PRESS RELEASES AND CONDUCTING INTERVIEWS WITH THE PRESS 15.014 INVESTOR RELATIONSHIPS 15.015 THE HIGGS REVIEW'S ASSESSMENT OF RELATIONSHIPS BY NON- EXECUTIVE DIRECTORS WITH SHAREHOLDERS 15.016 THE "WINNING PARTNERSHIP" REPORT 15.017 XV CONTENTS PRIVATE SHAREHOLDERS 15.022 CONCLUSION 15.023 CHAPTER 16 INSTITUTIONAL SHAREHOLDER ACTIVISM INTRODUCTION AND DEFINITIONS 16.001 PART 1: BACKGROUND THE COMBINED CODE 16.002 HISTORICAL DEVELOPMENT OF ACTIVISM 16.003 VOTING POLICIESGENERAL 16.004 INSTITUTIONAL VOTING POLICIESSPECIFIC EXAMPLES 16.007 CIS 16.010 TUC SUPERANNUATION SOCIETY 16.011 KEEPING THE SCORE 16.012 PART 2: THE HERMES APPROACH AND A CASE STUDY 16.016 THEORY INTO PRACTICEA CASE STUDY 16.017 CHAPTER 17 CORPORATE SOCIAL RESPONSIBILITY INTRODUCTION 17.001 WORKING DEFINITION 17.002 CSR AND COMPANY LAW REFORM 17.003 WHAT DOES IT MEAN IN PRACTICE? 17.004 REPUTATION RISK 17.005 THE BUSINESS CASE FOR CSR AND SEE 17.006 THE MANAGEMENT OF RISK 17.007 THE BROADER BUSINESS CASE 17.008 FACTORS SHAPING THE CSR FIELD 17.017 INSTITUTIONAL ACTIVISM 17.025 COMPANY CODES OF CONDUCT 17.026 INDEPENDENT VERIFICATION 17.027 THE INSTITUTE OF BUSINESS ETHICS 17.028 USEFUL WEBSITES 17.029 CONCLUSION 17.030 CHAPTER 18 GOVERNANCE IN THE CONTEXT OF LISTING INTRODUCTION 18.001 RESPONSIBILITIES AND LIABILITIES OF DIRECTORS XVI CONTENTS FINANCIAL SERVICES AND MARKETS ACT 2000 (FSMA) 18.002 THE PERSONS RESPONSIBLE FOR THE LISTING PARTICULARS 18.003 GENERAL DUTY OF DISCLOSURE 18.004 SUPPLEMENTARY LISTING PARTICULARS 18.008 LIABILITY TO PAY COMPENSATION UNDER THE FSMA 18.010 OTHER CIVIL LIABILITY 18.011 CRIMINAL LIABILITY 18.016 MARKETING THE COMPANY'S SHARES 18.017 STEPS TO BE TAKEN BY DIRECTORS CHECK THE CONTENT OF THE LI STING PARTICULARS 18.021 READ THE PROOFS 18.022 VERIFICATION 18.024 GENERAL 18.028 CONTINUING OBLIGATIONS OF THE DIRECTORS INTRODUCTION 18.030 REPORTING REQUIREMENTS 18.031 RIGHTS AS BETWEEN HOLDERS OF LISTED SECURITIES 18.034 TRANSACTIONS 18.035 FINANCIAL INFORMATION 18.041 COMMUNICATIONS WITH SHAREHOLDERS AND OTHER DOCUMENTS 18.042 DIRECTORS 18.044 MARKET ABUSE 18.050 PRESCRIBED BEHAVIOUR 18.051 LISTED COMPANIES 18.052 CITY CODE ON TAKEOVERS AND MERGERS 18.053 RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF SHARES (SARS) 18.054 ENFORCEMENT OF THE LISTING RULES AND SANCTIONS 18.055 CHAPTER 19 PENSION FUNDS INTRODUCTION 19.001 PENSION FUND STRUCTURES 19.002 DUTIES OF THE PENSION FUND TRUSTEE 19.003 DECISION MAKING AND THE USE OF ADVISERS 19.004 DEFICITS AND WINDING-UP 19.006 INVESTMENT RETURNS AND FUND MANAGEMENT 19.007 PENSION FUNDS AND THE WIDER GOVERNANCE DEBATE 19.008 THE FUTURE OF PENSION FUND GOVERNANCE 19.009 CHAPTER 20 THE NOT-FOR-PROFIT SECTOR INTRODUCTION 20.001 XVII CONTENTS THE COMPANY LIMITED BY GUARANTEE GUARANTEE CLAUSE USE OF THE WORD "LIMITED" NOT-FOR-PROFIT PROVISIONS TABLE C RULES OR BYE-LAWS THE OBJECTS CLAUSE THE DIVISION OF POWER BETWEEN THE MEMBERS AND THE BOARD OBSERVERS THE STATUS OF DIRECTORS OF NOT-FOR-PROFIT COMPANIES TERMINOLOGY DIRECTORS OF CHARITABLE COMPANIES THE ROLE OF THE NOT-FOR-PROFIT DIRECTOR DUTY OF CARE NOLAN APPLICATION OF INCOME AND PROPERTY FUND-RAISING INVESTING FUNDS REMUNERATION OF NOT-FOR-PROFIT DIRECTORS ELIGIBILITY OF CHARITY TRUSTEES RECRUITMENT, INDUCTION AND TRAINING INDUCTION THE BOARD OF DIRECTORS FREQUENCY OF BOARD MEETINGS SIZE OF THE BOARD TERM OF OFFICE DELEGATION OF RESPONSIBILITIES EXECUTIVE COMMITTEES ALTERNATE DIRECTORS LIABILITY OF CHARITY TRUSTEES ACCOUNTING REQUIREMENTS CHARITIES AND TRADING 20.002 20.003 20.004 20.005 20.006 20.007 20.008 20.009 20.010 20.011 20.012-13 20.014 20.015 20.016 20.017 20.018 20.019 20.020 20.020/2 20.021 20.021 20.022 20.023 20.024 20.025 20.026 20.027 20.028 20.029 20.030 CHAPTER 21 CENTRAL GOVERNMENT INTRODUCTION OBJECTS OF GOVERNANCE IN CENTRAL GOVERNMENT BACKGROUND TO GOVERNMENT ORGANISATION OF CENTRAL GOVERNMENT PUBLIC AND PRIVATE SECTOR COMPARISONS ETHICS AND THE PUBLIC SECTOR CENTRAL GOVERNMENT ACCOUNTABILITY STRUCTURES CENTRAL GOVERNMENT BOARDS 21.001 21.002 21.003 21.004 21.005 21.006 21.007 21.008 XVIN CONTENTS THE ROLE OF NON-EXECUTIVE DIRECTORS ON CENTRAL GOVERNMENT BOARDS 21.009 HIGGS AND ITS IMPLICATIONS 21.010 AUDIT COMMITTEES 21.011 AUDIT COMMITTEES AND THE SMITH REPORT 21.012 AUDIT IN CENTRAL GOVERNMENT 21.013 THE NATIONAL AUDIT OFFICE 21.014 GOVERNANCE AND THE "STATEMENT OF INTERNAL CONTROL" 21.015 FINANCIAL REPORTING IN CENTRAL GOVERNMENT ORGANISATIONS 21.016 THE "MODERNISING GOVERNMENT" AGENDA AND ITS IMPLICATIONS FOR GOVERNANCE 21.017 EFFECTIVE DEPARTMENTAL GOVERNANCE AND LEADERSHIP 21.018 SIMPLER AGENCY GOVERNANCE 21.019 AGENCIES' FRAMEWORK DOCUMENTS 21.020 CONCLUSION 21.021 FURTHER READING 21.022 USEFUL WEBSITES 21.023 CHAPTER 22 THE EU AND THE USA INTRODUCTION 22.001 GOVERNANCE IN THE EUROPEAN UNION 22.002 AUDIT COMMITTEES 22.004 CURRENT EUROPEAN CORPORATE GOVERNANCE CODES 22.005 PAN-EUROPEAN 22.006 EUROPEAN UNION MEMBER STATESPRINCIPAL MEMBER STATES CODES, GUIDELINES AND PRINCIPLES 22.007 THE UNITED STATESTHE CURRENT GOVERNANCE SCENEAN OVERVIEW POST-SARBANES-OXLEY INTRODUCTION 22.013 THE SARBANES-OXLEY ACT 2002 22.014 EFFECT OF PRINCIPAL SEC RULES ON NON-US COMPANIES 22.015 APPENDIX 1 THE COMBINED CODE ON CORPORATE GOVERNANCE JULY 2003 371 APPENDIX 2 THE HIGGS REVIEW: REVIEW OF THE ROLE AN EFFECTIVENESS OF NON- EXECUTIVE DIRECTORS JANUARY 2003 397 APPENDIX 3 THE HAMPEL REPORT: COMMITTEE ON CORPORATE GOVERNANCEFINAL REPORT, JANUARY 1998 455 XIX CONTENTS APPENDIX 4 LISTING RULE 12.43A 499 APPENDK 5 COMBINED CODE CHECKLIST 503 APPENDIX 6 GUIDANCE ON INTERNAL CONTROL (THE TURNBULL GUIDANCE) 5" 3 APPENDIX 7 THE HIGGS REVIEW: PRE-APPOINTMENT DUE DILIGENCE CHECKLIST FOR NEW BOARD MEMBERS 537 APPENDK 8 THE HIGGS REVIEW: GUIDANCE ON THE ROLE O F THE NON-EXECUTIVE DIRECTOR 539 APPENDK 9 THE HIGGS REVIEW: SAMPLE LETTER OF NON-EXECUTIVE DIRECTOR APPOINTMENT 541 APPENDK 10 THE HIGGS REVIEW: INDUCTION CHECKLIST 545 APPENDK 11 THE HIGGS REVIEW: GUIDANCE ON THE ROLE OF THE CHAIRMAN 547 APPENDK 12 THE HIGGS REVIEW: PERFORMANCE EVALUATION GUIDANCE 549 APPENDK 13 MATTERS WHICH SHOULD BE PRESENTED TO THE BOARD 553 APPENDK 14 ICSA GUIDANCE NOTE: SPECIMEN JOB DESCRIPTION FOR THE CORPORATE GOVERNANCE ROLE OF THE COMPANY SECRETARY 555 APPENDK 15 THE COMPANY SECRETARYLIABILITY FOR OFFENCES UNDER THE COMPANIES ACT 559 APPENDK 16 ICSA GUIDANCE NOTEMODEL BOARD RESOLUTION ON INDEPENDENT PROFESSIONAL ADVICE 569 XX CONTENTS APPENDIX 17 SPECIMEN ARTICLE PERMITTING DELEGATION TO COMMITTEES 571 APPENDIX 18 MINUTES CONFIRMING MODEL CODE AND APPOINTING AUDIT, REMUNERATION AND NOMINATION COMMITTEES 573 APPENDIX 19 TERMS OF REFERENCE OF THE NOMINATION COMMITTEE 575 APPENDIX 20 SUMMARY OF THE PRINCIPAL DUTIES OF THE NOMINATION COMMITTEE 579 APPENDIX 21 AUDIT COMMITTEESCOMBINED CODE GUIDANCE 581 APPENDIX 22 TERMS OF REFERENCE OF THE AUDIT COMMITTEE 595 APPENDIX 23 SUMMARY OF THE PRINCIPAL DUTIES OF THE REMUNERATION COMMITTEE 601 APPENDIX 24 ICSA TERMS OF REFERENCE OF REMUNERATION COMMITTEE 603 APPENDIX 25 ICSA GUIDANCE NOTEPRINCIPLES OF EXECUTIVE SERVICE CONTRACTS 607 APPENDIX 26 ICSA GUIDANCE NOTELISTED COMPANY REPORTING REQUIREMENTS FOR DIRECTORS' REMUNERATION 611 APPENDIX 27 ASSOCIATION OF BRITISH INSURERSGUIDELINES ON EXECUTIVE REMUNERATION 615 APPENDIX 28 STOCK EXCHANGE LISTING RULES FOR DIRECTORS 635 APPENDIX 29 ICSA GUIDANCE NOTE DIRECTORS' SHARE DEALINGS 641 APPENDIX 30 UK LISTING RULES APPENDIX TO CHAPTER 16: THE MODEL CODE 645 XXI CONTENTS APPENDIX 31 SUMMARY GUIDE TO BEST PRACTICE AT AGMS 657 APPENDIX 32 ICSA GUIDANCE NOTETHE CHAIRMAN'S OBLIGATIONS REGARDING POLLS & PROXIES 661 APPENDIX 33 ICGN STATEMENT ON INSTITUTIONAL SHAREHOLDER RESPONSIBILITIES 665 APPENDIX 34 AUDITOR'S LIABILITY: THE CAPARO CASE 671 APPENDIX 35 ICSA GUIDANCE NOTEUPDATE TO ELECTRONIC COMMUNICATIONS WITH SHAREHOLDERS: A GUIDE TO BEST PRACTICE PUBLISHED BY THE ICSA DECEMBER 2000 677 APPENDIX 36 SPECIMEN EXTERNAL RELATIONS PROCEDURE 683 APPENDIX 37 ASSOCIATION OF BRITISH INSURERS: DISCLOSURE GUIDELINES ON SOCIALLY- RESPONSIBLE INVESTMENT 689 APPENDIX 38 INSTITUTIONAL SHAREHOLDERS' COMMITTEE THE RESPONSIBILITIES OF INSTITUTIONAL SHAREHOLDERS AND AGENTSSTATEMENT OF PRINCIPLES 695 APPENDIX 39 HERMES INVESTMENT MANAGEMENT LTD 701 APPENDIX 40 EXAMPLE D&O POLICY WORDING 715 XXN
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owner	DE-M382
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physical	XLIX, 770 S.
publishDate	2004
publishDateSearch	2004
publishDateSort	2004
publisher	Sweet & Maxwell
record_format	marc
spelling	Smerdon, Richard Verfasser aut A practical guide to corporate governance Richard Smerdon 2. ed. London Sweet & Maxwell 2004 XLIX, 770 S. txt rdacontent n rdamedia nc rdacarrier Corporate Governance (DE-588)4419850-4 gnd rswk-swf Gesellschaftsrecht (DE-588)4020646-4 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Corporate Governance (DE-588)4419850-4 s Gesellschaftsrecht (DE-588)4020646-4 s DE-604 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014678264&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Smerdon, Richard A practical guide to corporate governance Corporate Governance (DE-588)4419850-4 gnd Gesellschaftsrecht (DE-588)4020646-4 gnd
subject_GND	(DE-588)4419850-4 (DE-588)4020646-4 (DE-588)4022153-2
title	A practical guide to corporate governance
title_auth	A practical guide to corporate governance
title_exact_search	A practical guide to corporate governance
title_exact_search_txtP	A practical guide to corporate governance
title_full	A practical guide to corporate governance Richard Smerdon
title_fullStr	A practical guide to corporate governance Richard Smerdon
title_full_unstemmed	A practical guide to corporate governance Richard Smerdon
title_short	A practical guide to corporate governance
title_sort	a practical guide to corporate governance
topic	Corporate Governance (DE-588)4419850-4 gnd Gesellschaftsrecht (DE-588)4020646-4 gnd
topic_facet	Corporate Governance Gesellschaftsrecht Großbritannien
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014678264&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT smerdonrichard apracticalguidetocorporategovernance

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