US vs. UK - the Higgs Report

“Whereas in the US most governance discussion has focused on corporate malpractice, in the UK sharp loss of shareholder value is more common than fraud or corporate collapse. The fall in stockmarkets in the period 2000-2002 has thrown up some stark examples. In recent cases of corporate under performance in the UK, the role of the board, and of non-executive directors in particular, has understandably been called into question.” –from the Higgs Report.