This essay discusses the extent to which the self-discipline code and the statutory provision responsible for regulating listed companies have addressed the concerns that have emerged from recent corporate scandals. Corporate governance is the “framework of rules and practices through which a board of directors ensures accountability, fairness and transparency in the company's relationships with all its stakeholders”. Stakeholders include financiers, customers, employees, management, government and communities. It is essential that a system is put in place to monitor the council's actions. The combined code sets out standards of good practice in relation to board practices and effectiveness, remuneration, accountability and shareholder relations. Listed companies are required to report on how they have applied the key principles of the code and to confirm that the provisions of the code have been complied with or to provide explanations for non-compliance. Recent corporate scandals The reform of listed companies in the UK occurred as a result of the scandal and recession of the late 1980s and early 1990s. The collapse of three companies (BCCI, Polly Peck and Robert Maxwell Group), all certified by their auditors as having clean records but which nevertheless unexpectedly collapsed, had a negative impact on economic market confidence regarding the liability of listed companies. BCCI has been described as Britain's biggest banking scandal with debts of up to $17 billion. Their activities included dubious loans, fraudulent record keeping, and money laundering, to name a few. This scandal has highlighted the need for powerful executives to be accountable and controlled within a corporate governance structure. The problem is... half of the paper... Financial Reporting Council - Review of the effectiveness of the combined code comments from the second ACCA consultation http://www.guardian.co.uk/business/2010/aug/ 26/polly-peck-business-asil-nadir How Polly Peck went from hero to villain in the city: Asil Nadir's company diversified into a global giant, before collapsing with debts of £1.3 billion Valued at August 26, 2010 http://www.nytimes.com/1991/12/10/business/worldbusiness/10iht-max__2.html Accounting for the Maxwell Scandal Assessed December 1, 1991 http ://www.erisk.com/learning /CaseStudies/BankofCreditandCommerceIn.asp Case Study Bank of Credit and Commerce International Assessed June 2001http://www.independent.co.uk/news/business/news/wyevale-rebels-oust-president-ma-il-attempt-to- take-control-fails-520500.html Wyevale rebels oust president but attempt to take control fails Rated Friday 23 December