ICGN Press Release

Sir Adrian Cadbury receives global corporate governance award

25 October, 2001 - Sir Adrian Cadbury has today received one of three inaugural International Corporate Governance Awards from ICGN (the International Corporate Governance Network) in recognition of his achievements in the corporate governance field.

The award is presented to individuals who have markedly improved the state of corporate governance in one or more jurisdictions.

Presenting the Award to Sir Adrian Cadbury, André Baladi, immediate past co-chairman of ICGN, commented: "Sir Adrian has been in the forefront of corporate governance for almost 25 years, during which time he has sparked corporate governance reforms around the world. His most celebrated achievement, for which he will be long-remembered, is the 1992 "Cadbury Code" on corporate governance, which has become a model for reform around the world."

Sir Adrian Cadbury, said, "I am delighted to receive this award from the ICGN which has established itself as the authoritative voice of investors around the world. In the last ten years, the value of sound corporate governance has become widely recognised. The movement began with national codes of best governance practice which were aimed at encouraging corporate disclosure and strengthening accountability. It developed its international dimension through the work of the OECD. Their consistent message has been that good corporate governance brings real economic and social benefits."

The award was presented at Hermes' Stewardship and Performance Seminar held in London on Wednesday 24 October 2001.

See Sir Adrian's biography

ENDS

Other recipients of the inaugural ICGN International Corporate Governance Awards

To mark the inauguration of these annual awards the ICGN has recognised the contributions made by corporate governance pioneers in the USA, Europe (Sir Adrian's award) and Asia.

The other two recipients were Ira Millstein, Senior Partner of law firm Weil, Gotshal & Manges, and Professor Hasung Jang who runs the shareholder wing of the People's Solidarity for Participatory Democracy in South Korea.

Criteria for nomination for the Awards

The ICGN Awards Committee - composed of the Committee Chairman, ICGN Board Governor Dr. Stephen Davis, with ICGN Board Governor Jon Lukomnik and Mr. Christian Strenger, a German specialist on governance issues - has selected this year three recipients according to the following set of criteria:

1. Exceptional achievements in the corporate governance field.
2. Contribution to significant improvements of corporate governance practices in one or more jurisdictions.
3. Positive impact, with long-term significance, on one or more economies.
4. Overcome challenging obstacles requiring vision, courage, and fortitude.
5. Enhancement of their future corporate governance initiatives through such recognition by the ICGN.