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Companies not complying with the UK Corporate Governance Code are required to provide explanations for non-compliance. This is the capstone of the 'comply-or-explain' system. There are no regulations about the content of those explanations, leaving shareholders and others to judge their appropriateness. The study develops a typology to assess the quality of corporate governance explanations for non-compliance of UK FTSE 350 companies based on seven quality characteristics. Code breaches generating the non-compliance explanations for analysis are identified for two accounting periods (2004/5 and 2011/12) relating to the 2003 and 2010 Codes (data for 2011/12 in brackets). There were 204 (125) non-compliant companies, 537 (253) Code breaches and 438 (208) explanations for non-compliance, an average of 2.6 (2.0) Code breaches and 2.2 (1.7) explanations per non-compliant company. Although compliance increased over the period examined, explanations were found to be of variable quality. Results suggest that companies need to improve the quality of their explanations if they are to be useful to users, notably location, complexity and specificity of explanations. There are also important questions raised about the work of auditors and their apparent silence. Companies are being encouraged to move towards compliance. We argue that this is against the 'comply-or-explain' philosophy which accepts that 'one size does not fit all.' Better quality of explanation is more important than compliance and thus companies may be unwittingly heading in the wrong direction.

This article employs Douglasian cultural theory to explain how policy consultations intended to secure meaningful reform can, in fact, work to reinforce the status quo. The context for this is an examination of responses to three consultations established by the Financial Reporting Council (FRC), the body responsible for regulating accounting and auditing in the UK. The results reveal a lack of diversity of voices in the responses to three consultations, with the enclave and isolate voices being significantly under‐represented despite the policy issues under debate being related to the financial crisis. Further, the initial pre‐consultation proposals are largely unchanged post‐consultation. We suggest that the regulator has not been captured; but instead is subject to what may be described as self‐capture. Self‐capture describes the instinctive reaction of a solidarity to act to uphold its pattern of social relations which results in the regulator's worldview inevitably (and unwittingly) being perpetuated.

Intro -- Preface -- Contents -- Reviewers -- Risk Disclosures and Risk Communication -- Directors' Duties and Risk Governance -- 1 Introduction -- 2 Board Risk Oversight: An Overview -- 2.1 Risk Oversight and Directors' Duties -- 2.2 Drivers that Elevate Expectations on Board Risk Oversight -- 2.3 Risk Oversight and Directors' Duties -- 3 Defining the Perimeter and Contents of Board Risk Oversight -- 3.1 The Foundations of Board Risk Oversight: The Notions of Risk and Uncertainty -- 3.2 Board Risk Oversight and the Use of Risk Models -- 3.3 Risk Oversight and Risk Management: Integration and Substitution -- 4 Operationalising the Concept of Risk Appetite -- 4.1 A Simplistic View of a Complex Concept -- 4.2 The Pivotal Role of Risk Appetite in Corporate Governance Guidance -- 4.3 The Notion of Risk Appetite in the Financial Industry -- 4.4 Criticalities in the Implementation of Risk Appetite -- 5 Directors' Duties and Risk Governance -- 6 Concluding Remarks -- References -- Enterprise Risk Management Measurement: Insights from an Interdisciplinary Literature Review -- 1 Introduction -- 2 Research Design -- 2.1 Article Search -- 2.2 Journal Classification and Citations -- 2.3 Content Analysis -- 2.4 Seminal Articles from the ERM Literature -- 3 ERM Articles by Discipline, Citations and Geography -- 3.1 ERM in Various Academic Disciplines Literature -- 3.2 Journal H Index and Article Citations -- 3.3 Location of the Studies and Reference to Frameworks -- 4 Measurement of ERM and ERM Practices -- 4.1 Qualitative Studies on ERM -- 4.2 Quantitative Studies on ERM -- 5 Concluding Remarks -- 5.1 Originality and Value of the Study -- 5.2 Limitations of the Study -- 5.3 Future Research Directions -- References -- Accounting, Soci(et)al Risks, and Public Reason: Governmental Risk Discourses About the ILVA Steel Plant in Taranto (Italy) -- 1 Introduction.

Purpose This paper seeks to investigate to what extent (and why) CSR reporting in developing countries reflect instrumental and/or "political CSR" motivations and the types of organisational legitimacy sought in these circumstances. Design/methodology/approach We adopt a theoretical framework based on neo-institutional theory, "political CSR" framework and types of organisational legitimacy. This interpretive research is set in the Egyptian context post-2011 revolution. We first carry out a content analysis of web disclosures for 40 banks in 2013 and 2016 to ascertain the nature of CSR activities and any changes over time. Second, we draw on 21 interviews to tease out the implications of the change in societal expectations due to the revolution and to deepen our understanding of the organisational motivations underlying CSR reporting. Findings Following the 2011 revolution, the banks' CSR reporting practices have gradually shifted from a largely instrumental "business-case" perspective towards a more substantive recognition of a wider set of societal challenges consistent with a political CSR perspective. Overall, the maintaining/gaining of legitimacy is gradually bound to the communication of accounts about the multi-faceted socially valued consequences or structures performed by banks. Our interview data shows that participants reflected on the legitimation challenges brought by the revolution and the limits of transactional strategies involving traditional constituents, with a preference for pursuing consequential and structural forms of moral legitimacy. Research limitations/implications This study demonstrates a constructive shift by businesses towards engaging with the new social rules in response to sociopolitical changes and the need to achieve moral legitimacy. Hence, policymakers and stakeholders could consider engaging with different economic sectors to foster more transparent, accountable, and impactful CSR practices. Originality/value We highlight the implications of Scherer and Palazzo's political CSR approach for accountability and CSR reporting. CSR reporting in some developing countries has typically been seen as peripheral or a symbolic exercise primarily concerned with placating stakeholders and/or promoting shareholders' interests. We suggest that researchers need to be instead attuned to the possibility of a blend of instrumental and normative motivations.

Purpose: This paper seeks to investigate to what extent (and why) CSR reporting in developing countries reflect instrumental and/or 'political CSR' motivations, and the types of organisational legitimacy sought in these circumstances. Design/Methodology/Approach: We adopt a theoretical framework based on the neo-institutional theory, 'political CSR' framework and types of organisational legitimacy. This interpretive research is set in the Egyptian context post-2011 revolution. We first carry out a content analysis of web disclosures for 40 banks in 2013 and 2016 to ascertain the nature of CSR activities and any changes over time. Second, we draw on 21 interviews to tease out the implications of the change in societal expectations due to the revolution, and to deepen our understanding of the organisational motivations underlying CSR reporting. Findings: Following the 2011 revolution, the banks' CSR reporting practices have gradually shifted from a largely instrumental 'business-case' perspective towards a more substantive recognition of a wider set of societal challenges consistent with a political CSR perspective. Overall, the maintaining/gaining of legitimacy is gradually bound to the communication of accounts about the multi-faceted 'socially-valued' consequences or structures performed by banks. Our interview data shows that participants reflected on the legitimation challenges brought by the revolution and the limits of 'transactional' strategies involving traditional constituents; with a preference for pursuing consequential and structural forms of moral legitimacy. Research limitations/implications: This study demonstrates a constructive shift by businesses towards engaging with the new social rules in response to socio-political changes and the need to achieve moral legitimacy. Hence, policy makers and stakeholders could consider engaging with different economic sectors to foster more transparent, accountable, and impactful CSR practices. Originality: We highlight the implications of Scherer and Palazzo's political CSR approach for accountability and CSR reporting. CSR reporting in some developing countries has typically been seen as peripheral or a symbolic exercise primarily concerned with placating stakeholders and/or promoting shareholders' interests. We suggest that researchers need to be instead attuned to the possibility of a blend of instrumental and normative motivations.

Understanding risk debates through Mary Douglas: environment, inequality and COVID-19 -- Analyzing model risks in risk aggregation of non-financial corporations -- The interruptive power of COVID-19 under a business continuity perspective -- Modelling the risk and reward trade-off for SMEs: a case study -- The relationship between ERM and performance revisited: empirical evidence from SMEs -- Risk management implementation by SMEs investigated through a lens of ERM maturity models -- Drivers of ERM in SMEs: which corporate governance features matter? -- Insights from the boardroom: opening the 'black box' of board risk oversight -- Supervisory pressure and risk management systems: empirical evidence from the banking context -- Setting up risk disclosure: case study insights from an integrated reporting pioneer -- Integrated report and credit risk: empirical evidence from a mandatory integrated reporting setting -- Lessons learnt and directions for future research on risk and risk management in diverse settings.