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'In light of the recent financial crisis, it is apparent that the UK Corporate Governance Code (The Code) is insufficient to promote good corporate governance

'In light of the recent financial crisis, it is apparent that the UK Corporate Governance Code (The Code) is insufficient to promote good corporate governance in the United Kingdom.' It is time to adopt a more robust approach similar to that in the United States.

Critically analyse the above statement in relation to the development of the Corporate Governance Code in the United Kingdom.

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