The death of Sir Adrian Cadbury, Chairman of Cadbury and Cadbury Schweppes for 24 years, early in September was a huge loss for the governance community. Cadbury was known as a global governance pioneer, and produced the Cadbury Report, a code of best practice which served as a basis for reform of corporate governance around the world.
Judge Mervyn King of the King committee said Cadbury drew upon a deep understanding of business ethics throughout his work, and sowed seeds of investor stewardship. The dialogue that was started in the inaugural UK Code about the principles of good governance practices for corporate boards made a clear reference to the responsibilities of investors to enter into conversations with companies, and is the essence of what the International Corporate Governance Networkstands for today.
King also mentioned that Cadbury played an important role worldwide in promoting good governance in organisations. After the publication of the UK Code, Cadbury travelled to close to 30 countries espousing its principles. "He contributed generously in the field, joining the OECD's Business Sector Advisory Group. He also contributed to the Global Corporate Governance Forum, participating in seminars and teaching materials that were widely disseminated in emerging markets. He played a significant role in many ground-breaking governance platforms."
Cadbury joined the court of the Bank of England in 1970 and was one of its longest-serving directors in modern times. He was also chairman of ProNed, the Bank of England-sponsored agency, which promotes the appointment of non-executive directors to public company boards.
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He published, in 1990, The Company Chairman, a handbook of good practice, which laid some of the groundwork for his subsequent inquiry report, and in 2002, Corporate Governance and Chairmanship. Cadbury was proud of having typed the first draft of the Cadbury Code on his own word-processor. He was Chancellor for 25 years of Aston University (whose business school lecture theatres are named after him and his wife Susan) and a patron of many trade associations and community projects in his home territory.
"The passing of Adrian Cadbury is truly a loss to us and he will be missed for his contribution, and for shaping governance practices all over the world," concluded King.
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