UK: the Walker Review of bank corporate governance

Sir David Walker's consultation paper will be published this Thursday. Speculation is mounting in the press about what may be proposed. Yesterday's Sunday Telegraph reported that the annual re-election of bank directors would be suggested whilst the Observer noted that Sir David would "call for far more responsibility to be placed on chairmen to rein in aggressive CEOs". Few will be surprised by these suggestions. However, more interestingly, today's Times reports: 

Sir David Walker is set to call this week for the creation of a new body to act as a rallying point for institutional shareholders wanting to challenge the governance of company boards ... One proposal is for a powerful 'standing secretariat', which would put forward shareholders’ views to a company if there were a disagreement about strategy or people".