British corporate networks, 1976-2010 : extending the study of finance-industry relationships.

Using an extensive and unique data set that has been created to record the composition of the boards of directors of the top 250 British firms between 1904 and 2010, this article builds upon a previous study by the authors on the corporate network to 1976 by extending the study to 2010. The analysis revolves around three key observations: the nature and depth of the corporate network; the distinct stages in corporate connectivity between 1976 and 2010; and the 1980s watershed in the relationship between financial and other sectors, following which financial institutions withdrew from the corporate network. The article concludes with an analysis of how the data set has changed our perceptions of British corporate networks, wider changes in British business, and a discussion of implications for future research

‘To invite disappointment or worse’: governance, audit and due diligence in the Ferranti–ISC merger

This is the author accepted manuscript. The final version is available from Taylor & Francis (Routledge) via the DOI in this record.Mergers and acquisitions frequently destroy shareholder value, and UK companies have a particularly poor record in US deals. But outcomes are rarely as calamitous as in the case of the British electronics group Ferranti which in 1987 entered into a significant merger with the US company International Signal and Control Group (ISC). The combined group had collapsed by 1993. Our analysis of the case, seen in the light of more recent corporate failures such as the Royal Bank of Scotland (RBS), leads us to question whether the UK’s ‘idiosyncratic mix’ of corporate governance mechanisms can ever effectively constrain the flawed and dictatorial decision-making of dominant individuals.Preliminary versions of this article were presented at the Accounting History International Conference, the Accounting History Review conference, the Association of Business Historians conference, the Economic and Business History Society conference, the World Congress of Accounting Historians, and a seminar at the University of Exeter Business School. We thank participants, particularly Tony Arnold, Peter Miskell and Christopher Napier, for their comments. Discussions with Dick Edwards, Chris Pong, Brenda Porter, Richard Roberts and Will Spinney helped us to clarify various issues. We also thank the Associate Editor, Abe de Jong, and the anonymous reviewers of this journal for helpful comments

Oxyura leucocephala (Anatidae: Anseriformes) on the Black Sea coast of the Caucasus

New information on the distribution of Oxyura leucocephala on the Black Sea coast of the Caucasus is provided. The first appearance of the species in this region was recorded in 1991. At present Oxyura leucocephala is a small wintering and migratory species found on the Black Sea coast of the Krasnodarsky Krai (Russia) and Abkhazia. Single individuals or pairs of birds are usually noted, less often groups of up to ten white-headed ducks. The most significant was the wintering of Oxyura leucocephala on the lakes of the natural ornithological park in the Imeretinskaya lowland (Sochi, Russia) in 2016–2017. An assumption is being made about the formation of a new wintering area for Oxyura leucocephala occupying the northeastern coast of the Black Sea

Stewardship and Fiduciary Duties: The Spectrum of Pension Fund Engagement

A critical issue for the future growth of institutional investor Stewardship and engagement over investee companies is whether it is compatible with the fiduciary duties of pension fund trustees. This study examines how a range of interpretations of fiduciary duties informs approaches to corporate governance. Using the data from thirty-five in-depth interviews with key decision-makers I reveal that trustees understand their fiduciary duties in a variety of ways, which underpins the intensity and methods of engagement. Four distinct approaches emerge: Disengagement, Employer Engagement, Fund Manager Engagement and Corporate Engagement. I provide novel and empirically grounded explanations of much theorized but little understood concept of fiduciary duty in relation to corporate governance. The paper also has significant policy implications in that it raises scepticism about realising aspirations for shareowner Stewardship and fiduciary standards within the investment chain