CRACKING THE CODE

摘要

Codes on corporate governance have come under the closest scrutiny in the wake of the financial crisis. This is based on the hopes and assumptions that something tangible, such as a code, has been broken and caused the problem. So It follows that if the code can be fixed, the crisis can be resolved or at least avoided in the future.rnBut we know from experience just how facile this assumption is.rnWe have seen with the recent reviews of the UK's Combined Code on Corporate Governance and the Organisation for Economic Cooperation and Development's Principles of Corporate Governance that you would be hard-pushed to find fault with any of this content. So even if the crisis can be attributed to weak corporate governance in certain companies and sectors, it does not necessarily follow that the underlying codes have failed.