“Corporate governance” as a buzz word in the Anglo-commonwealth world found its roots in a number of scandals which hit during the 1980’s. Along side these scandals was a significant increase in the nouveau riche executives who were generously rewarded by so called “independent” remuneration committees with packages that were considered extravagant. Shareholders and the public in general were nervous. In the United Kingdom, these phenomena led to various Committees (Cadbury in 1991 and Greenbury in 1995) which established “Codes of Best Practice”. However, neither went far enough to curb the overpowerful executives and to empower the corporate investors....
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