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>Examining the Non-Executive Director's Role from a Non-Agency Theory Perspective: Implications Arising from the Higgs Report
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Examining the Non-Executive Director's Role from a Non-Agency Theory Perspective: Implications Arising from the Higgs Report
In January of 2003, the British government published Derek Higgs' report on the role and effectiveness of non-executive directors on British corporate boards (Higgs, 2003). The government's original request for the report came in the wake of several high-profile corporate scandals, most notably those involving Enron, WorldCom and Tyco in the USA. Its intent was to help prevent the emergence of a major corporate governance failure within a British corporation by strengthening the Combined Code of Corporate Governance (Financial Reporting Council, 2003) to better reflect theory and best practice. It followed in the footsteps of past investigations into corporate governance issues commissioned by the British government including, but not limited to, the Cadbury Report (Committee on the Financial Aspects of Corporate Governance, 1992), the Greenbury Report (Study Group on Directors' Remuneration, 1995), the Hempel Report (Committee on Corporate Governance, 1998) and the Turnbull Report (ICEAW, 1999).
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