101. Note of meeting with Mr John Stevenson on 1 October 1991
The focus of the meeting was the independence of auditors, Mr Stevenson is the retired technical partner of Touche Ross. Sir Adrian's handwritten notes from the meeting are attached.
102. Letter from Mrs SE Brown, DTI, 1 October 1991
Administrative letter.
103. Letters from Howard D Sherman, Institutional Shareholder Services, October 1991
Letters refer to a service Institutional Shareholder Services is developing.
104. Letter, dated 1 October 1991, from Simon Blunt about service contracts for directors.
Letter expresses concerns about contracts granted to directors.
Refers to service contracts for directors.
Confidential paper, with very limited circulation, comments on institutional investors and non-executive directors, remuneration and auditors.
107. Letter, 2 October 1991, from Sir Denys Henderson, ICI
Letter refers to recommendations by institutions on corporate governance and highlights lack of sanctions for codes of conduct and possible conversation about the role of Chairman.
108. CBI Birmingham dinner party guest list for 2 October 1991.
Lists guests and their companies.
109. Letter from Andrew H Simon, Evode Group plc, 3 October 1991
Letter concentrates on various committees within a company and a responsible attitude being adopted by institutional shareholders.
Sets the background to interest by the Institute.
112. Record of meeting with Mr David Fifield on 3 October 1991
Evidence concentrates on short-termism.
The copies concentrate on ethics in business and a supporting code, performance monitoring and communications with shareholders.
114. Letter from Professor Henry T.C. Hu, University of Texas at Austin, 9 October 1991
Highlights two US articles about the principle that a corporation is run for the benefit of its shareholders.
Typescript outline speaking notes of 18 points.
Submisson concentrates on communication between companies and their shareholders, reporting on intangible assets and non-executive directors.
117. Letter, dated 16 October 1991, from Sir David Lees, GKN plc
Letter comments on the number of non-executive directorships held.
118. Letter, 17 October 1991, from Mercury Asset Management
Letter comments on companies' performance and ineffective boards.
119. Letter, dated 22 October 1991, to PRONED,
Letter mentions the number of non-executive director posts held and the roles of non-executive directors.
120. Letter from JP Charkham to Sir Adrian Cadbury, 25 October 1991
Letter introduces Richard Greenbury and his wish to give evidence.
AC Hugh Smith agreed to co-opting Sir Christopher Hogg on to the Committee. Also includes handwritten notes in preparation for or taken at the meeting with Chris Hogg.
122. Letter, dated 28 October 1991, from Simon Jenkins, The Times
Letter sets out personal views on the role of non-executive directors.
123. Letter and submission from the Society of Investment Analysts, 29 October 1991
The submission covers the composition of the Board e.g. Separate Chairman and Chief Executive, non-executive directors; qualitative and quantitative financial reports, importance of non-executive directors, external auditors and audit committees.
124. Letter, dated 29 October 1991, from Ewan Macpherson, Smith & Williamson
Letter gives his view on roles and responsibilites of non-executive directors including remuneration committees.
125. Proposals on auditors, dated 31 October 1991.
This typewritten note summarises comments on auditors by four people: Austin Mitchell, Marjorie Mowlam, James Leek and Brandon Gough.
Highlights issues for a successor body, namely, research into compliance, research funding and recommended amendments to the Companies Act. Sarah Brown's letter deals with directors' service contracts, fees paid to audit firms for non-audit work, protection for auditors reporting fraud.
Submission covers the role and responsibilities of boards of directors, financial reporting, shareholders, auditing and regulation.
This specifically relates to UITF Abstract 10 about disclosure of the directors' share options as part of the disclosure of board remuneration and compliance with the Cadbury Code.
129. Correspondence and submission for the Joseph Rowntree Charitable Trust, November 1991.
Submission to the Committee about shareholder relations, especially from viewpoint of institutional shareholder. Includes a handwritten note from Nigel peace wondering about asking Andrew Hugh Smoth for clarification.
130. Handwritten [notes for] CBI President's reception, 12 November 1991
Outlining the Committee's remit and work.
131. Letter from London Business School [Andrew Likierman], 20 November 1991.
Letter is response to a request to comment on the role and responsibilities of auditors. Also has Sir Adrian's handwritten notes on backs of two pages, headed respectivley Andrew Likierman and Bill Morrison.
Paper defines sound corporate governance, look at role and responsibilities of boards and how boards are expected to do so.
133. Letter, dated 22 November 1991, from Nigel Peace to Department of Trade and Industry
Letter seeks guidance on length of directors' service contracts.
Includes published material written by NAPF and survey on voting issues, proposals for an expanded auditors' report. See also CAD-01166.
Main topics covered: audit committees, their relationship with external auditors, reporting on internal control systems.
136. Monitoring compliance with the Code of Best Practice, 30 November 1994.
Document reports the statement of compliance or non-compliance with the Cadbury Code is included in the reports of all 631 companies, with one exception.
137. Correspondence with and submission from Institute of Public Relations, December 1991
Main content is 'A submission to the Committee on the Finacinal Aspects of Corporate Governance by the Institute of Public Relations , City & Financial Group, December 1991.
Covers issues such as communication between boards and shareholders, emphasis on the long term, corporate reporting, company-auditor relationships, responsibilities of non-executive directors, audit committees and auditors responsibilities.
139. Correspondence with Professor R H Gray, Dundee University, December 1991.
Submission and response on social and environmental accounting
140. Correspondence, dated December 1991, between Terry Arthur and the Committee.
Article concerns the role of the institutional investor.
141. Letter, dated 3 December 1991, from Hugh Collum The Hundred Group of Finance Directors
Covering letter to their (the 100 Group of Finance directors) report, financial aspects of corporate governance
142. Record of meeting with Professor Andew Likierman, 3 December 1991.
Meeting is response to what the Committee is doing and why. The proposed framework was commented on and what should go in the report.
Includes a draft work programme and an update of the draft Accounting Practices Board discussion draft.
144. Letter, dated 13 December 1991, to Andrew Hugh Smith
Letter seeks to clarify the focus for the Committee. Letter also sent to Sir Ron Dearing and Mike Lickiss.
145. Letter, dated 16 December 1991, from Brian Houlden, Warwick Busines School
Letter concentrates on the role and behaviour of institutional shareholders, summarises UK investment in R& D, capital investment and takeovers with the funds now coming from the banks.
Letter sets out Arthur Andersen's views as a contribution to evidence gathering.
Comments on 100 Group paper definition of corporate governance, the board should be balanced and reporting.
148. Letter, dated 19 December 1991, from Dr Maurice Gillibrand
Short letter saying he will make a submission based on experience at ICI and Chloride.
149. Letter, dated 30 July 1991, from Sir Simon Hornby about giving evidence to the Committee
Lists the headings which Sir Simon Hornby would discuss.
150. Correspondence to and from Alan Diamond, March to July 1991.
Letters to and from Alan Diamond, including photocopies of those published in The Times and comments. Includes three unattributable pages entitled The counter proposals to arrest corporate greed, and handwritten notes presumably based on a meeting after 6 June 1991.