Were the UK Corporate Governance Committees a Success

Corporate Governance reforms were made in order to redress the balance of power structure in a corporation and shift from shareholder primacy. After the Corporate Governance reforms in the United Kingdom convergence at the formal level had emerged, since the UK board by the relevant rules to monitoring the management of the company. The UK board has not only adopted the monitoring activity formally but has better implemented the same in order to discharge it effectively in practice.

Corporate governance reforms oriented towards greater stakeholder engagement and protection. It emphasised on the fact that a corporation should protect its key stakeholders by setting out engagement frameworks including their responsibilities and obligations. Directors should owe their duties to promote the long-term success of the corporation and not just to share holders.