In its report, the Cadbury Committee defined corporate governance as 'the system by which companies are directed and controlled' and discussed the need for separating the role of management, which is about running the business, from the role of governance, which is about making sure the business is run properly. The result was the Cadbury Code on corporate governance, which was a voluntary code that listed companies were asked to follow, on the 'comply or explain' basis that still applies today