If one was to assess the conduct of U.K. companies based on the number of fines, sanctions, and successful prosecutions and convictions for fraud and malpractice over the past 10 years, then one might be forgiven for thinking that all is well. Yet the conspicuous lack of corporate scalps and jailed executives belies the fact that the state of corporate governance is not as it should be and that boards have a lot to answer for this state of affairs.
On 20 July the United Kingdom’s corporate governance regulator, the Financial Reporting Council (FRC), released its “report of observations” on the relationship between corporate culture and long-term business success, called Corporate Culture and the Role of Boards.
