11.01 Corporate governance is ‘the system by which companies are directed and controlled.’3 This is the classical succinct definition for the corporate governance of companies as developed by the Cadbury Report in the United Kingdom in 1992 for the sake of company and code reform. A more economic and widely used definition holds that corporate governance ‘deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment’.4 In corporate law and in the legal discussion about corporate governance, the focus is...
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