Corporate GovernanceThe Cadbury Committee defines it as “the system by which businesses are directed and controlled”. The Sebi Committee (India) defines it as the acceptance of the management of the alienable rights of the shareholders as the true owners of the company and that they are the trustees of the company. It is a commitment to values, ethical business conduct and a distinction between personal and corporate funds in the management of the business. FRC on Corporate Governance Governance is the responsibility of boards of directors. An appropriate governance code is based on the appointment of the board of directors and auditors by the shareholders. The responsibility of the board of directors is to define the strategic objectives of the company, direct their implementation, supervise management and report to shareholders on management. Thus, governance is based above all on what the board of directors does, on how it defines the company's values ​​and on its distinct daily operational management. of the company. (1992) Cadbury Report - Report of the Committee on the Financial Aspects of Corporate Governance Committee established by the Financial Reporting Council chaired by Sir Adrian Cadbury and this report published in December 1992. It focused on board performance and rewards of administration. within the board, greater transparency, greater accountability and it is recommended that the board has three non-executive directors (NEDs) and an audit committee. The role of the audit committee was to oversee the control of financial information. The chairman and the general manager held by separate directors, likewise, the contracts of the executive directors must not exceed three years without the approval of the shareholders. (1995) Greenbury Report - Directors' remuneration: report of a study group chaired by Sir Richard GreenburySir Richard Greenbury's report sought to amend initial issues around the middle of the document......written by Sir Robin Smith in July 2003, recommending that the audit committee include at least 3 (NED). It required that at least one member of the audit committee have recent relevant financial experience and provide appropriate and timely training to members. Monitor the integrity of financial statements, review financial controls and the internal audit function. The Audit Committee will have the power to recommend to the Board of Directors the appointment of an external auditor and to monitor and review their performance and independence. (2003) Combined Corporate Governance Code Published by the FRC in July 2003 but came into force on 1 November 2003. Incorporated the Higgs and Smith reports. Open and rigorous appointment of directors. Improved integration and training of (NED). Half of the audit and remuneration committee members of FT350 companies should be (NED) and not serve more than 9 years due to independence impairment..