Which of the following scandals did NOT help set the context for the creation of the first corporate governance code?

The first corporate governance code emerged in response to a series of corporate scandals that highlighted significant failures in governance and accountability. While Enron was undoubtedly a major scandal that helped shape corporate governance regulations, it came after the establishment of earlier governance frameworks. The Cadbury Report, which laid the groundwork for corporate governance codes, was published in 1992, while the Enron scandal unfolded in the early 2000s.

In contrast, Polly Peck, Mirror Group Newspapers, and Caparo were all significant cases that occurred prior to the adoption of the first governance codes and spurred the need for stronger governance frameworks. These scandals revealed issues such as financial mismanagement, lack of transparency, and board accountability, directly influencing the formulation of corporate governance standards. Thus, Enron’s timeline places it outside the context of the initial push for corporate governance codes, confirming why it is the correct answer.