Evaluate the extent to which corporate governance reforms such as the UK Corporate Governance code 2018 influence corporate governance failure.

The Cadbury Code was introduced in the UK in 1992. Its subsequent evolution into the UK Corporate Governance Code has seen numerous changes encompassing aspects such as board and committee roles, executive remuneration, board diversity, and risk. Despite these changes, the UK has seen several high-profile corporate governance failures such as Carrillion, British Steel, and Patisserie Valerie. Failures such as these prompt debate about the nature of the corporate governance framework in the UK and the effectiveness of the Code.

Required: Evaluate the extent to which corporate governance reforms such as the UK Corporate Governance code 2018 influence corporate governance failure. You should make reference to the paper by Elsayed et al (2022).