the RSA enquiry into Tomorrows Company and subsequent work to develop a broad strategic approach to corporate governance, involving stakeholder other than shareholders and the Board, which may be called Inclusive Corporate Governance.The work done has focused on principles as well as processes. The Seven Principles of Public Life distilled by the review process are selflessness, integrity, objectivity, accountability, openness, honesty and leadership.The greater complexity of business made it necessary to bring specific skills to the board table and executive directors had to be given wider discretion in order to direct the company. This enabled many boards to concentrate control in their hands, leaving stakeholders to act as mere profit takers. The rapid expansion and progressive integration of businesses into larger groups led to a diminution in the power of the holding company boards, who were forced to give greater discretion to the managers of business units in order to maintain the impetus of growth.Carl Icahn, T. Boone Pickens and Lord Hanson. These were the first people to dissect living companies and find breakup value within them. They developed techniques such as Shareholder Value Analysis (SVA) which later evolved into Economic Value Added Analysis, known as EVA. The use of SVA and EVA techniques has not only helped to restructure businesses but has enabled clear profit and investment targets to be driven down to the lowest operating levels. This strengthens the hand of group directors in the strategic management process and makes it easier to manage reward systems throughout the group.The role of international law in effecting governance across boundaries has grown steadily, with the increasing globalization of trade in goods and services. The legal structure pivots on The International Court in the Hague for disputes between states, with criminal cases being brought to special tribunals. Countries individually have variou...
