From The BBC:
Sir David Walker: “Bank boards need to be less friendly”
Bank bonuses should be more closely controlled and non-executive directors should be better trained, according to a government-commissioned report.The review of the corporate governance of UK banks, by ex-City regulator Sir David Walker, also calls for greater shareholder involvement. It recommends more transparent pay and bonus structures for all high earners. Prime Minister Gordon Brown said he thought that the recommendations in the report would be adopted.
Speaking to the Commons Liaison Committee, Mr Brown said he supported “wholeheartedly” the proposal that non-executive directors should play a greater role in board level decision making and defended the government’s response to the banking crisis. He also said the Financial Services Authority (FSA) “will be issuing a revised code on the standards of remuneration”. “To deal with the excess boardroom practices…