Walker Review of Corporate Governance of UK Banking Industry
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Sir David Walker is leading an independent review of corporate governance in the UK banking industry.
What is being covered?
The original Terms of Reference for the review are to examine corporate governance in the UK banking industry and make recommendations, including in the following areas:
- the effectiveness of risk management at board level, including the incentives in remuneration policy to manage risk effectively;
- the balance of skills, experience and independence required on the boards of UK banking institutions;
- the effectiveness of board practices and the performance of audit, risk, remuneration and nomination committees;
- the role of institutional shareholders in engaging effectively with companies and monitoring of boards; and
- whether the UK approach is consistent with international practice and how national and international best practice can be promulgated.
On 21 April, the Terms of Reference were extended so that the Review shall also identify where its recommendations are applicable to other financial institutions.
When is it happening?
The review started in February 2009. A consultation document was published on 16 July 2009. The second consultation period will run with a submissions
deadline of 1 October and with final recommendations published on 26 November 2009.
How am I affected?
The independent review will make recommendations to Government. If you have a statutory responsibility for, or interest in, the financial services sector, the conclusions of the review may be relevant to you.
It will be for the Government to determine which of the review’s recommendations it will take forward.
Should I contribute?
If you have views about the future of corporate governance in the UK financial services sector, we would encourage you to contribute to the review by contacting Sir David and the review team (by 1 October 2009) through the Secretariat Office at 020 7066 0032 and the email address of firstname.lastname@example.org. Unless otherwise specified, it will be assumed that all such submissions will be made available to the public. A standard confidentiality statement in an e-mail message will not be regarded as a request for non-disclosure. We do not edit personal information (such as telephone numbers or email addresses) from submissions; therefore only information that you wish to be published should be submitted.
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