This paper critically reviews the contents of the ‘Compliance Report’ published by the Cadbury Committee in May 1995. The Compliance Report could be seen as a rather self‐congratulatory farewell from the original Cadbury Committee before their successor body, known for the moment as Cadbury II, takes over the task of reviewing corporate governance issues and making recommendations. This paper concludes that the Compliance Report is both disappointing and complacent.
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