and BHS parent company, Ar Clinic Ethnicity cadia, which is owned by Greens family. (Martin, 2016) It is against the UK corporate code of governance (2018) for any director to be in a position where they are involved in deciding their o Clinic Ethnicity wn remuneration package. (Stimpson and Taylor, 2013) Moreover, Cadbury’s corporate governance report (1992) explains a code of ‘best practice’ for companies using four key principles of transparency, accountability, probity and equity (T.A.P.E), these key principles combined have become a ‘benchmark for good corporate governance’. (Stimpson and Taylor, 2013, p.109) Source: (Stimpson and Taylor, 2013, p Clinic Ethnicity .109) In the running months up to the sale to Dominic Chappell, head of BHS pension trustees, Chris Martin, was persistently requesting Sir Philip Green to fill out a ‘moral hazard’ form to explain the circumstances for which assets had been taken out of the business under Greens stewardship, to which Green continuously refused. (Armstrong, 2016) The ‘moral hazard’ form requested details of dividends paid out by BHS, management charges paid to Arcadia (Greens parent company), property transactions and rental payments. (Armstrong, 2016) However, just one month b Clinic Ethnicity efore the sale Financial Director of Arcadia, Neville Khan, told Martin that Green would not fill out the ‘moral hazard’ form unless he was forced into it. (Armstrong, 2016) Referring to Cadbury’s ‘code of best practice’, Green had not displayed any of these qualities, which questions the strength of corporate governance in BHS. When BHS was sold for £1 in 2015 it was in a far weaker than when it was acquired by Green in 2000 with a £5m surplus in its pension fund. Furthermore, a consistently high level of dividend payments and trading losses reaching £19.4 million and £21 million in 2013 and 2014, respectively, contributed to the collapse of the company in 2016. (Bulter, 2014) According to UK government legislation (2018), companies cannot pay dividends unless the company has made a profit, and the pay out cannot be more than its available profits from current and previous financial years. This is to ensure the success and sustainability of the company which the respo Clinic Ethnicity nsibility of board, according to the UK corporate governance code. (Frc.org.uk, 2018) Another essential key principle of the UK corporate governance code is to ensure that non-executive directors are able to challenge proposals on strategy. (Frc.org.uk, 2018) Non- executive directors are board members whose duty is to scrutinize the decisions and performance of managers and directors. (Velkova, 2015) The key concept of non- executive directors is to be independen>