Lord Myners, the Financial Services Secretary, was interviewed by the BBC's Business Editor, Robert Peston, in a TV programme - Leading Questions - broadcast last Saturday. Lord Myners repeated his call for the radical reform of bank corporate governance and argued that institutional investors need to become effective owners (as opposed to investors) in order to prevent what he called the "ownerless company". Lord Myners suggested that Sir David Walker's recommendations had not gone far enough with regard to remuneration. He also stated that consideration should be given to introducing differential voting rights in order to provide an incentive for institutions to take ownership more seriously. This suggestion has attracted much attention. A report in today's Financial Times notes criticism from the National Association of Pension Funds. Criticism from the Association of British Insurers was noted in a report in Saturday's Telegraph newspaper.
The interview can be viewed below (but only for those in the UK) and will be available until 4:59am on 8 August. If the video does not appear embedded below, try watching it here.
No comments:
Post a Comment