The Financial Sector and Corporate Governance: the UK case

Post 1992 Cadbury Committee report developments in UK corporate governance provisions are reviewed. The role of institutional investors, and the financial sector as a whole, in corporate governance is considered. Practices in "Continental Europe", the UK and the US are contrasted, along with the roles of banks, strategic investors ("insiders"), institutional investors ("outsiders") and capital markets. To be effective, capital markets must be efficient and competitive and auditing must be reliable. Current EU and US reform proposals are compared and prospects for convergence in corporate governance procedures assessed. Copyright Blackwell Publishing Ltd 2005.

Can the UK Experience Provide Lessons for the Evolution of SRI in Japan?

In this paper we review the growth of socially responsible investment (SRI) in the UK and in Japan. We consider the various factors which have given rise to the growth of SRI in both countries. As SRI is currently more mature in the UK than in Japan, we consider ways in which the UK experience may provide some lessons for the growth of SRI in Japan. Significantly, we consider that the use of corporate governance mechanisms such as engagement and dialogue by large shareholders, to solve social, ethical and environmental (SEE) problems in companies, is a realistic route for the development of SRI in Japan. However, these mechanisms need to be designed so that they may operate more efficiently. Pension funds and other investment institutions need to appreciate the value of engagement over screening as an SRI stra-tegy. Further, the disclosure of SRI strategies by pension funds in Japan may contribute to enhancing consciousness about the responsibility of shareholders for the SEE outcomes of corporate activities that they invest in indirectly. We acknowledge, however, that this suggestion may be difficult to implement in the near future. Copyright Blackwell Publishing Ltd. 2004.

Do Board Processes Influence Director and Board Performance? Statutory and performance implications

Based on British legislation, the duties of directors are stated in the New Zealand Companies Act 1993. However, "good" governance is not defined within the Act. Considering the relative importance attached by boards to a variety of governance tasks, this paper evaluates directors' perceptions of the current contribution of fellow board members to different aspects of governance practice. This evaluation is discussed in relation to the influence of board tasks and functions on actions that may be regarded as being in the interests of the company as defined by the Act. The evaluation illustrates the strategic orientation of the board, highlighting the extent to which individual directors and the board as a whole can actually influence key outcomes and, thereby, their governance contribution. The paper reports responses to findings based on a study involving 3000 directors and presents suggestions for enhancing board processes as well as possible changes in expectations that could be encapsulated in legislation. Copyright Blackwell Publishing Ltd 2005.

Development and validation of a new Fourier transform infrared spectrometric method for the quantification of urea in creams and ointments

A new Fourier transform infrared (FTIR) spectrometric method for the quantification of urea in creams and ointments was developed and validated. The sample was solubilized in a mixture of chloroform/acetonitrile (1/1 v/v) which allows to solubilize the vaseline or other fats as well as urea and water. The solution was examined in a transmission cell with a pathlength of 500 μm provided with NaCI windows. The urea spectrum was obtained by subtraction of the reference solvent mixture spectrum and the reference water spectrum from the sample spectrum. The absorbance of the peak at ±1688 cm-1 was compared to those of calibration standards to quantify urea. The detection limit and the quantification limit (three times and 10 times the noise, respectively) were estimated as 0.4 and 1.3 μg ml-1, respectively. Validation of the method was realized and application of this method to stability tests was done