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Fair SharesThe Future of Shareholder Power and Responsibility$
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Jonathan Charkham and Anne Simpson

Print publication date: 1999

Print ISBN-13: 9780198292142

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198292142.001.0001

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The World of Regulation

The World of Regulation

(p.40) Chapter 3 The World of Regulation
Fair Shares

Jonathan Charkham

Anne Simpson

Oxford University Press

This chapter discusses the role of regulation in corporate governance. The UK system has generally depended on a mixture of primary and secondary legislation with rules made by various non-statutory bodies, some of which may, like the Stock Exchange, work under the umbrella of some legislation, and some, like the Cadbury Committee, with no umbrella at all. The creation of the Financial Services Authority is surely helpful. The work of the takeover panel is makes for interesting analysis. It can change its rules without reference to any other authority and has no means of enforcing its rules beyond what supporters are willing to do. Yet UK shareholders have good cause to be grateful to it, because it has succeeded in ensuring relatively equal treatment between them. It has established the rules of conduct about the purchase of shares in the market and governs the timetable and what must and must not be said.

Keywords:   regulation, corporate governance, legislation, Stock Exchange, Cadbury Committee, Financial Services Authority, takeover panel, shares, market

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