The UK Corporate Governance Codes: What did we learn from the historical development?

摘要

We review the historical development of corporate governance in the UK, and analyse the events and rationale triggering the changes. The development of corporate governance is a dynamic process. Understanding what triggered the changes in the past provides some insights for the further development of a more robust corporate governance system in the years to come. Moreover, for developing countries, our analysis and review of the history of the UK Corporate Governance development serves a springboard for them to avoid the mistakes that the UK has made and hence shorten the time needed in developing their own Corporate Governance codes with local features.