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It has become a shorthand for the way an organisation is run, with particular emphasis on its accountability, integrity and risk management.

The “revolution” started in the early 1990s with the Cadbury Report on the financial aspects of corporate governance, to which was attached a code of best practice.

Now it is in common use not just in companies but also in charities, universities, local authorities and National Health Trusts.

It was a FTSE 100 company and very much in the public eye.

Institutional shareholders might not have liked its public defiance of generally accepted principles, but Morrisons was successful, and there was little they could do about it.

Over a year later and just before the AGM, two new non-executives duly appeared (though one resigned 10 months later).

One institutional shareholder group commented, recognising the uphill task they still faced: “we welcome this step towards better corporate governance and hope to see formal board meetings established in due course.” Since then, further steps have been taken to make management structures “more satisfactory to the City”.

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