The National Association of Pension Funds has published its response to Sir David Walker's review of the governance of banks and other financial institutions. NAPF comments on each of Sir David's proposals and makes this general point:... all of the changes and innovations proposed should be designed with the object of changing the behaviour of companies and investors so that they focus more on the creation of value over the longer term. This is a complex issue and there will be many views on definition as well as the route to achieving that goal, but pension funds and their members have not been well served by the concentration in the financial sector on short term gains which have been made at the obvious expense of the longer term and at significant cost to shareholders".
Note: see here for further NAPF corporate governance publications.
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