A UK code of best practice concerning appropriate senior management remuneration, produced by the 1992 Cadbury Committee on the financial aspects of corporate governance. The Code includes the provisions that non-executive directors should be appointed for specified terms and reappointment should not be automatic, that such directors should be selected through a formal process, and that both their selection and their appointment should be a matter for the board as a whole. A Combinded Code on Corporate Governance, combining the Cadbury recommendations with those of the Greenbury Report, was issued in 2003. See also Hampel Committee.
Subjects: Financial Institutions and Services.