Paper summarises the issues in corporate governance and accountability, including responsibilities, current UK Legislation and EC Directives
The letter refers to a meeting which covered the relationship between boards of directors and auditors and the effectiveness of audit. It proposes a review of corporate governance and accountability.
The paper briefly reviews issues in corporate governance: appointment of non-executive directors to the board and their contribution; the integrity of financial information; auditing standards and the responsibilities of auditors.
Letter advises the ICAS will set up a working party, chaired by Nigel Macdonald, on corporate governance and offering assistance. ICAS will set up a working party on corporate governance and enclosing typescript of an article, 'Making corporate governance more effective', announcing it. Article supposedly sent to Accountancy Age 1 February 1991.
Covers proposed EC Regulation on the requirement for an audit of a company's environmental policy and performance. Includes handwritten note to Sir Adrian from Ronald Somerville
The brief is to consider : management's responsibility for financial statements; the need to require companies to maintain adequate internal control systems; the implications of these issues for the role of audit committees. Membership of the Committee is listed.
Proposal for a seminar of 20 people with suggested names to discuss the philosophy design and purpose of the company. See also CAD-01035.
Notes on conduct of Annual General Meetings, auditors, directors' remuneration.
Letters to AC and RTZ expressing concern about the large increase in top salaries and accounting practices.
Letters expressing interest in Committee and comment on independent non-executive directors.
Letter, 9 May 1991, from Martin Simons about timely payment of bills. Accompanying photocopy of letter, published in The Times.
This is the briefing to launch a high level review.
Letter encouraging the recipient to comply completely with the new public discussion document: Corporate practices and conduct.
Letter expresses keenness to give evidence to the Committee and includes FT article and Leek's presentation to the London Practitioner Board, 19 April 1991.
Letter suggests including a public relations representative on the Committee.
Neville Bain sets out some points on directors and responsibilities, annual reports and audit committees.
This refers to a Statement of Best Practice published by the Institutional Shareholders' Committee and the ABI. It sets out key points, while asking the Committee to consider response to the ABI discussion document.
General good wishes.
Offering sample copies of new product dealing with financial reporting by companies.
Objective of the meeting: to canvass Sir Ron's view of the ground the Committee might cover.
Thanks for a book.
Includes the terms of reference of the Working Party formed by the Institute of Chartered Accountants of Scotland to address selected issues concerning corporate governance.
Letter offers to give evidence.
Congratulatory letter to Sir Adrian on his appointment to establish a Corporate Governance Committee.
Correspondence advising of progress since seminar of The purpose of the company, 14 March 1991 (see CAD-01027)
Comments on: 'smoothing' information to ensure it is not regarded as forecasts, R& D expenditure, and explanatory narrative to accompany figures in Annual Reports and audits.
Draws attention to the various working groups within the accountancy profession.
Draft list of participants [all drawn from manufacturing industry] to discuss technology implications of corporate governance
Contains thoughts on information disclosure, closeness of auditors to clients and Board responsibility, narrative information rather than figures, enforcement, directors' remuneration and comments on meaning of 'financial aspects of corporate governance'.
Charkham writes to Sir Adrian including a letter to ICAS about possible inclusions in reports: summaries of key people; products or services report; prospects / financial plan for the future; performance.
Memo re-arranges meeting of 25 June 1991 with Sir Dermot de Trafford.
Concentrates on public relations, especially stakeholder relations.
Puts a point of view on the types and amount of information that should be required, remembering that many companies operate internationally.
Comprises notes on terms of reference for the Committee and what the Committee should actually consider.
Comprises letter, agenda, list of corporate governance steering group members and Sir Adrian's handwritten notes for his report.
Also attached is a letter to the Financial Times about wealth creation by businesses and attendant accountancy practices.
Covers the middle ground.
Background to the meeting with the Institutional Shareholders Committee and Mike Sandland.
The note sets outs a what good corporate governance will achieve and how it is to be achieved.
Collum published an article in IASC News on the diversity of accounting standards internationally. 100 Group are very interested in corporate governance and esepcially in definging the role of auditors vs directors.
Mostly concentrates on what ICAEW's Financial Reporting and Auditing Group (FRAG) are doing.
Covering letter to the publication, United Kingdom Board Earnings, and their newsletter Monks Briefing. These are not attached.
Contains papers, voting by institutional Shareholders, Communication of Business Plans & Insider Dealing
Draft recommending the RSA conduct an enquiry into the objectives and values which a public company should serve.
Letter expresses surprise that no Chief Operating Officer or Chairman of a industrial company is a member of the Committee.
Correspondence advising Sir Adrian Cadbury of suitable and unsuitable meeting dates. Handwritten note by Nigel Peace - alternative dates being sought.
Covering letter and Hugh Collum's response to the Accounting Standards Board's publication on Structure of Financial Statements and the Statement of Principles
Letter contains draft Terms of Reference for the Committee, and proposals for end product with an outline for the final report.
Letter in response to Sir Adrian Cadbury's letter of 2 July. IHD will send transcript of talk to ICAS on non-executive directors.
Includes the CBI response to the ABI discussion paper on the responsibilities of institutional shareholders and minutes of meeting held on 25 June 1991.