Which is the only major country that does NOT, as of 2020, have a corporate governance code?

The United States is the only major country that, as of 2020, does not have a formal corporate governance code comparable to those in other countries. This absence is largely due to the decentralized nature of corporate governance in the U.S., where regulations and practices are dictated by both federal and state laws, as well as through the practices of individual companies.

In contrast, countries like Japan, France, and the UK have established their own corporate governance codes that outline best practices for companies to promote transparency, accountability, and fairness in managing corporate affairs. These codes serve as guidelines for companies to follow and aim to enhance investor confidence and market integrity. The lack of a single, overarching corporate governance code in the U.S. signifies a unique approach that emphasizes shareholder agreements and state-specific regulations, allowing for a more flexible governance framework.