TABLE OF CONTENTS (Can be found in the end)
Today, corporate governance has become integral in the business world especially due to the fact that it is largely related to the performance as well as the growth of business firms. Corporate governance is and continues to play a central role when it comes to the success of a company in the current highly competitive business world. Financial risk reporting in the United Kingdom is viewed as a valuable internal control mechanism and as such is crucially highlighted in the UK Corporate Governance Code. Over the past two decades, the concept and practice of corporate governance has gradually become the central focus for academics, managers as well as policy makers. This can be attributed to the increasing concerns over the rising incidences of corporate fraud as well as fraudulent financial reporting leading to corporate scandals and the collapse of major firms. This significant attention given to corporate governance structures and principles in firms indicates that it has a major influence on both the policies and strategies; hence, the eventual performance of these corporations.