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| Author: | MacNeil, I. Li, X. |
| Title: | Comply or explain: market discipline and non-compliance with the combined code |
| Journal: | Corporate governance
2006 : SEP, VOL. 15:4, p.487-496 |
| Index terms: | corporate governance regulations |
| Freeterms: | combined code |
| Language: | eng |
| Abstract: | This paper focuses on two aspects of the 'comply or explain' principle adopted by the UK's Combined Code on Corporate Governance. The first aspect is the nature of explanations given by companies with an established record of non-compliance ('serial non-compliers') and the role of market in permitting deviations from the Combined Code. The second issue is the link between the principle of 'comply or explain' and the self-regulatory status of the code. The paper concludes that the Code could be integrated into mainstream company law. |
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