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Board Power Relations and the Impact of the U.K.'s Combined Code on Corporate Governance

September 2015

DOI:10.1002/9781119201885.ch14

In book: International Corporate Governance After Sarbanes-Oxley (pp.297-317)

Authors:

Liverpool John Moores University

This chapter seeks to examine how power relations between different groupings on the board have changed as a result of the creation of a governance framework of policyholders. It starts by looking at the development of corporate governance framework in Great Britain and the Combined Code on Corporate Governance (2003) that significantly impacts the power relations of the board in the region. The chapter also examines provisions drafted in the code that stress on the need for dialogue to take place between the major institutional shareholders and the board on the basis of an assumption that a relationship exists those shareholders and the executive directors. Finally, the chapter also examines a variety of power bases through which even non-executives have the ability to monitor and control the behavior of the executive directors.

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