Question：Which of the following are characteristics of a purely principles-based approach to corporate governance?
A. It includes definite targets for companies to meet.
B. It puts the emphasis on investors making up their own minds.
C. It focuses on objectives.
D. It can stress those areas where rules cannot easily be applied.
E. It can be applied across different legal jurisdictions.
The correct answers are: It focuses on objectives; It can be applied across different legal jurisdictions; It can stress those areas where rules cannot easily be applied; It puts the emphasis on investors making up their own minds.
Strictly targets are characteristics of a rules-based approach, although many codes that are largely based on principles might include some targets.
Question：Which of the following is a requirement of the UK Corporate Governance Code?
A. When the roles of chairman and chief executive officer are separated, there is no requirement for a senior non-executive director.
B. The board should use the annual general meeting to communicate with private investors in the company.
C. Non-executive directors should attend at least one half of the formal board meetings each year.
D. There should be at least four formal board meetings each year.
The correct answer is: The board should use the annual general meeting to communicate with private investors in the company.
The UK Corporate Governance Code does not specify the minimum number of formal board meetings each year, nor an attendance rate for NEDs. It also specifies that a senior NED should be nominated, even when the roles of chairman and CEO are held by different individuals.
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