“The main problem with corporate governance regulation and codes of best practice is that they are reactive. Each new wave of corporate scandal scauses yet another regulatory reform and frequently politicians, as a result of public pressure, resort to knee-jerk reactions, producing new regulation that does not address the real causes of corporate failures. Hence, corporate governance will never improve and corporate scandals will never cease.’ (Anonymous)” Based on your learning from the module and your reading of the literature critically discuss the above statement in the light of recent developments (regulatory and codes of best practice) in Ireland/UK and/or the USA. In your answer, you should cover the following theme as your main theme • Advantages and disadvantages of both a regulatory-led and a comply or explain approach to corporate governance and the approach you prefer and why