Comment on the following in your own words:
The Combined Code Some of the key elements of the Combined Code are as follows:
? Every listed company should have a board of directors to lead and control the company.
? There should be a clear division of responsibilities between the chairman and the chief executive officer of the company to ensure that a single person does not have unbridled power.
? There should be a balance between executive and non-executive (who are often parttime and independent) members of the board, to ensure that small groups of individuals cannot dominate proceedings.
? The board should receive timely information that is of sufficient quality to enable them to carry out their duties.
? Appointments to the board should be the subject of rigorous, formal and transparent procedures.
? All directors should submit themselves for re-election at regular intervals, subject to satisfactory performance.
? There should be formal and transparent procedures for developing policy on directors' remuneration.
? The board has a responsibility for ensuring that a satisfactory dialogue with shareholders occurs.
? Boards should use the annual general meeting to communicate with private investors and encourage their participation.
? Institutional shareholders have a responsibility to use their votes.
? The board should publish a balanced and understandable assessment of the company's position and performance.
? Internal controls should be in place to protect the shareholders' wealth.
? Formal and transparent arrangements for applying financial reporting and internal control principles and for maintaining an appropriate relationship with auditors should be in place.