The Hampel committee was setup in November 1995 to promote high

standards on Corporate Governance both to protect investors and preserve and

enhance the standing of companies listed on the London Stock Exchange.

The committee developed further the Cadbury report. And it made the
following recommendations.

i) The auditors should report on internal control privately to the directors.

ii) The directors maintain and review all controls.

iii) Companies should time to time review their need for internal audit
function and control.

It also introduced the combined code that consolidated the recommendation of

earlier corporate governance reports (Cadbury Committee and Greenbury
Committee).