History demonstrates again andagain that today's outrageous idea, threatening the very fabric of civilisation, quickly becomes tomorrow's normality.
So it goes in the world of corporate governance. When the Cadbury report, which established the first set of coherent rules, was published in the early 1990s it was widely attacked as a threat to the unitary board, but then quietly adopted.
The Higgs report of two years ago was roundly denounced in similar terms by certain captains of industry - many of whom had clearly not read it. But shorn of a few infelicitous suggestions, and incorporated into a new combined governance code, it now seems to be working fairly well, according to many middle-of-the-road directors and investors.
See full Article (paid subscription required).
Posts
