Directors’ contracts

10 items, ordered by date.

1. Letter, dated 1 October 1991, from Simon Blunt about service contracts for directors

Letter expresses concerns about contracts granted to directors.

2. Letter from Simon Blunt, 1 October 1991 and accompanying hand written note from Nigel Peace and newspaper extracts

Refers to service contracts for directors.

3. Issues for the Committee’s successor body, 30 November 1994 and Sarah Brown’s response to enquiries about progress in implementing three recommendations in [the Cadbury] report

Highlights issues for a successor body, namely, research into compliance, research funding and recommended amendments to the Companies Act. Sarah Brown’s letter deals with directors’ service contracts, fees paid to audit firms for non-audit work, protection for auditors reporting fraud.

4. Letter, dated 22 November 1991, from Nigel Peace to Department of Trade and Industry

Letter seeks guidance on length of directors’ service contracts.

5. Correspondence, January to March 1992, with CRW Wysock Wright about part-time Chairmen

Correspondence is largely between Wysock Wright and Sir Brian Corby, Prudential.

6. Letter, dated 28 July 1992, from BDO Binder Hamlyn

Comments on Code of Best Practice, audit committees, directors’ contracts, reporting and aspects of auditing.

7. Correspondence, February 1993, to the Committee Secretary from MB Sayers, Norton Rose and LC Ward, Dundas & Wilson and Hugh Collum, SnithKline Beecham

Comments on: responsibilities of nominaton committees and their formation as standing or ad hoc committees; length of directors’ contracts; guidance on access to independent professional advice.

8. Correspondence with Mr Ross Goobey, June 1993 concerning directors’ contracts

Correspondence centres on ‘somewhat fudge’ remark by ARG in connection with Cadbury Committee and directors’ contracts.

9. Committee on the Financial Aspects of Corporate Governance, 9 September 1993 agenda and supporting papers. CFACG(93)3rd meeting

The file also includes a copy of CAD-01327. It seems the documents for the 9 September meeting were sent out with copies of Coopers & Lybrand report (CAD-01327), the Auditing Practices Board drafts ‘Disclosure relating to corporate governance & interim financial, the Working Party on Internal Control document on guidance for directors information and accompanying letter.

10. Chairman’s brief for the meeting on Wednesday 8(sic) December 1994, agenda for the meeting and minutes of the meeting held on Wednesday 7 December 1994

Deals with internal control systems, issues for the successor body, monitoring compliance [with the Code] and various aspects handled by the Monitoring Sub-committee. Also includes letter from DTI on length of directors’ service contracts, disclosure of no-audit fees paid to firms, protection for auditors reporting fraud. A note sets out proposed amendment to minutes of meeting held on 14 September, 1994.