2Imperfect System – Lessons From the UK
State institutions that support the corporate governance framework of the United Kingdom are grounded in the Common Law tradition with Parliament having the ultimate power over the law of the land. Parliament’s legislative authority had emerged through the historical evolution of the British political system. For the last 200 years, and despite some setbacks, the United Kingdom had been considered one of the most successful economies of the world and a model of parliamentary democracy. The provisions that inform British corporate governance rules come from a number of sources: statute and subsidiary legislation, international regulatory standards, listing rules applicable ...
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