What differentiates our analysis over existing work is that we were able to go beyond mere correlations and establish causation in the relationship between corporate governance measures and firm value.

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The challenge is to shift ocean use and governance to live with and from the ocean sustainably, which requires changing our relationship with the ocean and our behaviour.

UNESCO: OFFICE IN BRASILIA

Corporate governance regulates the relationship between shareholders, directors and managers to prevent conflicts of interest and to increase transparency.

BBC: Corporate governance report

Between the two of us, with Joerg managing the board and managing governance, and me managing the business and the operation, I think it will be a good relationship.

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Natural Resources Wales chief executive Emyr Roberts explained that, as with the now defunct Environment Agency Wales, the nature of their relationship with the board was principally around operational matters and not governance.

BBC: Magor Marsh. Pic: Rob Waller

The report was commissioned earlier this year by Jack Straw, the home secretary, who, under the odd constitutional relationship between the United Kingdom and the islands, is ultimately responsible for their good governance.

ECONOMIST: Offshore financial centres