UK: budget 2009 - corporate governance, financial regulation and responsible shareholder engagement

More from yesterday's budget. The chancellor, in his speech, announced that he would soon publish recommendations for the wide-ranging reform of the financial system. He said that his recommendations would: 

• reform corporate governance and remuneration at banks;
• improve regulation of banks' capital and liquidity;
• increase transparency;
• ensure that all important institutions, including hedge funds, are regulated.
  

Interestingly, in the budget report at para. 3.53, the Government stated that "[m]easures are needed to strengthen responsible shareholder engagement". What might these look like and what is the relationship between the chancellor's forthcoming recommendations and the work of the Walker review of bank corporate governance?