What was the model created by the Cadbury Code for adherence to its principles, still followed in the UK code?

The model created by the Cadbury Code emphasizes a flexible approach to corporate governance, encapsulated in the principle of "comply or explain." This allows companies to either comply with the recommended governance practices or provide a clear explanation for any deviations. This model promotes transparency and accountability by encouraging firms to communicate their governance strategies while still adhering to the spirit of the Code.

The "comply or explain" framework fosters a more adaptable environment, recognizing that a one-size-fits-all approach may not suit every organization due to differences in size, structure, or specific circumstances. Companies can maintain governance standards without being forced into rigid compliance, thereby encouraging thoughtful and tailored corporate governance practices.

The other phrases do not capture the essence of the Cadbury Code's model. "If not, why not" suggests a more confrontational approach and does not emphasize the need for transparency, while "apply and explain" and "comply or else" imply strict adherence without recognizing the rationale behind deviations, which is a key aspect of the model developed by the Cadbury Code.