UK: the Walker review of bank corporate governance

HM Treasury has today announced the terms of reference for the independent review of bank corporate governance which will be led by Sir David Walker. The terms of reference are:

To examine corporate governance in the UK banking industry and make recommendations, including in the following areas:

[a] the effectiveness of risk management at board level, including the incentives in remuneration policy to manage risk effectively;
[b] the balance of skills, experience and independence required on the boards of UK banking institutions;
[c] the effectiveness of board practices and the performance of audit, risk, remuneration and nomination committees;
[d] the role of institutional shareholders in engaging effectively with companies and monitoring of boards; and
[e] whether the UK approach is consistent with international practice and how national and international best practice can be promulgated;

For further information see here.