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The Financial Reporting Council, in its annual review paper entitled “Developments in Corporate Governance and Stewardship 2016” (published January 2017), note that 2017 marks the 25th anniversary of the Cadbury Report. The FRC assert that UK corporate governance is strong, and the corporate governance codes and the principle of ‘comply or explain’ (introduced in the Cadbury Report) remain an important part of a strong corporate governance framework. The report also notes however that UK corporate governance needs to evolve.