Familiar places or liminal spaces? Examining the codification process in corporate governance.

Abstract

For a quarter of a century, corporate governance in many countries has been viewed as a process of institutionalising codes of good conduct by institutionalising their periodic and partial deinstitutionalisation. Episodic shocks, induced by spectacular corporate failures, have created opportunities for more radical change, but such codes have proved resilient. But has this been process firmed up a thickening core? With each revision, is the corporate governance community living in increasingly familiar places or opening itself to liminal spaces? This paper deals with a story that is even now unfolding. The UK Corporate Governance Code is undergoing a major revision, with submissions to a consultation closing on February 28. As we wait for a new code to emerge, let us explore the practical background and its philosophical underpinnings, drawing on concepts from the writings of de Certeau (1984) and Turner (1977), to reflect on places, spaces, rituals, and explorations, to understand what creates and constitutes resilience and allows for change.