- Corporate governance is concerned with the strategic direction and effective stewardship of the organisation;
- There have been a number of reviews in the private sector which together led to the development and publication of a UK Corporate Governance Code;
- There are similarities between the public and private sectors in terms of corporate governance principles - but Board members should recognise that it is not always possible to draw a direct parallel between the two; and
- The Nolan Committee set new standards of conduct for Board members of public bodies in 1995 and the Ethical Standards in Public Life etc. (Scotland) Act 2000 introduced the ethical standards framework, which includes Codes of Conduct for Board members, a Chief Investigating Officer and a Standards Commission.