“The most significant statue is the companies Act 1985, which was a
consolidation of a number of previous statues. Two particular features of the
companies’ act are important. The first is that an enormous amount of
discretion is left to individual companies as to the detailed management of
affairs “Minimise standard”. They produced a Code of Practice, which
rejected supervisory boards, and instead relied heavily on the appointment of
non-executive directors to single tier boards as important contributors to
decision making.”