science

Turnbull Report

Turnbull Report is a science topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand Turnbull Report rather than just read about it. In short: Internal Control: Guidance for Directors on the Combined Code (1999) also known as the "Turnbull Report" was a report drawn up with the London Stock Exchange for listed companies. The committee which wrote the report was chaired by Nigel Turnbull of The Rank Group plc.

Key takeaways

Turnbull Report belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Turnbull Report to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Turnbull Report from memory before moving on to harder problems.

Reference excerpt

Internal Control: Guidance for Directors on the Combined Code (1999) also known as the "Turnbull Report" was a report drawn up with the London Stock Exchange for listed companies. The committee which wrote the report was chaired by Nigel Turnbull of The Rank Group plc. The report informed directors of their obligations under the Combined Code with regard to keeping good "internal controls" in their companies, or having good audits and checks to ensure the quality of financial reporting and catch any fraud before it becomes a problem. Revised guidance was issued in 2005. The report was superseded by a further FRC guidance issued in September 2014.

See also UK company law Corporate Governance Cadbury Report (1992), Financial Aspects of Corporate Governance, on corporate governance generally. Pdf file here Greenbury Report (1995) on director remuneration. Pdf here Hampel Report (1998), review of corporate governance since Cadbury, pdf here and online with the EGCI here Myners Report (2001), Institutional Investment in the United Kingdom: A Review on institutional investors, Pdf file here and Review of Progress Report here Higgs Report (2003) Review of the role and effectiveness of non-executive directors. Pdf here Smith Report (2003) on auditors. Pdf here

Notes

External links Text of the revised Turnbull Guidance 2005 The Financial Reporting Council's website for internal control Full text of the combined code 2006 Full text of the combined code 2003 The Financial Services Authority Listing Rules online and in pdf format, under which there is an obligation to comply with the Combined Code, or explain why it is not complied with, under LR 9.8.6(6).

Worked examples

Example 1 — a first encounter with Turnbull Report

Start with the simplest possible case. Write down what Turnbull Report claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Turnbull Report before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Turnbull Report ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Turnbull Report

In research: Turnbull Report appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Turnbull Report in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Turnbull Report is common in secondary-school and first-year university syllabi. It links to neighbouring topics 1999 in the United Kingdom, Corporate governance in the United Kingdom, Reports on finance and business, so understanding it makes those chapters shorter.
In everyday life: Look for Turnbull Report outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study Turnbull Report in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Turnbull Report means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain Turnbull Report out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Turnbull Report in simple terms?

Why does Turnbull Report matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Turnbull Report?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Turnbull Report.