Boards are under unprecedented scrutiny from investors, press and regulators. Recent years have seen a convergence between pressures from investors for very high financial performance and for compliance with the letter of the Combined Code on Corporate Governance.
Research shows that directors believe that the dominant influences on their reputations, tenure and wealth now come from institutional investors, aided and abetted by the financial press. One effect of all this pressure is to threaten the unitary character of UK boards, to the extent that non-executive directors are regarded by investors as the independent guardians of the 'shareholder' interest.
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