The UK’s corporate governance framework has not fundamentally changed since the Cadbury Committee issued its report, Financial aspects of corporate governance, 25 years ago in response to the scandals that had prompted the Committee to take action, but expectations of what it should be able to achieve have expanded considerably.

This is partly because our appreciation of the different factors that affect the quality of a company’s governance has developed over that time. The initial focus on the need for stronger financial controls and greater separation of powers and independent oversight at the top of organisations has been gradually broadened.

We now place greater store on factors such as board dynamics and diversity, corporate culture and managing non-financial risks to the company’s long-term prosperity.