UK: bank boardroom culture needs to change says Chancellor

The Chancellor was interviewed yesterday by the House of Lords Economic Affairs Committee. A video of the interview is available here. The Chancellor made clear that bank boardroom culture needs to change and cited the role of non-executive directors and institutional investor engagement (see his comments at 9m 50s).

In response to these initial comments, Lord Eatwell asked (at 30m 20s) whether the Chancellor was proposing corporate governance changes or whether he was hoping that directors would behave differently in the future. The Chancellor did not identify specific proposals but pointed to a forthcoming white paper (expected in the spring) dealing with banking supervision and regulation.