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Why we need to rethink the UK's approach to corporate governance regulation

My keynote speech at the University of Sheffield UKIERI-CRAFiC Workshop on Financial Development and  Corporate Governance in Emerging Market Economies is available from here, I argue that the three pillars of UK corporate governance, i.e. boards of directors, institutional investors and the "comply or explain" approach, need to be revisited.

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DMGT Plc - Not your typical UK Plc

I haven't posted any of these corporate governance case studies for a while. As the updated version of my corporate governance textbook is about to be published on 11 March 2018, I thought it was a good time to investigate the corporate governance of another interesting company. The company I have chosen is the Daily Mail and General Trust Plc (DMGT Plc), a UK company. This is a media company which owns a.o. the tabloid The Daily Mail and the free newspaper Metro. It also has a holding in Euromoney Institutional Plc and Zoopla.



I chose DMGT Plc as it is not your run-of-the-mill UK stock-market listed Plc. The typical example of a UK exchange-listed corporation would be a Plc with dispersed ownership and weak control (see Section 3.3 of my textbook International Corporate Governanceor its updated version Corporate Governance. A Global Perspective). This is what I call combination A in my textbook (see below figure).


It what follows, I shall be using the 2017 annual report of DMGT P…
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