The Cadbury report, established by Sir Adrian Cadbury in 1992 to address financial aspects of corporate governance, argued for a guideline of "comply or else," which required companies to abide by a set of operating standards or face stiff financial penalties.

Question

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The Cadbury report argued for a guideline of "comply or explain" which gave companies the flexibility to comply with governance standards or explain why they do not in their corporate documents.

The Cadbury Report, Established by Sir Adrian Cadbury in 1992