Walker Review of Corporate Governance of UK Banking Industry

On 9 February 2009 the Chancellor of the Exchequer, the Secretary of State for Business, Enterprise and Regulatory Reform and the Financial Services Secretary to the Treasury 'announced a review to recommend measures to improve the corporate governance of UK banks, particularly with regard to risk management.'

The Walker Review

The review was announced in the press release Independent review of corporate governance of UK banking industry by Sir David Walker and information about the review can be found on the independent review page for the Walker Review of Corporate Governance of UK Banking Industry

A review of corporate governance in UK banks and other financial industry entities was published on 16 July 2009 (PDF 561KB, 142 pages) and was announced in the press release Walker Review proposes fundamental changes to strengthen bank governance on the same day.

The final report A review of corporate governance in UK banks and other financial industry entities: Final recommendations was published on 26 November 2009.

The sections of the report cover:

• Chapter 1: Introduction, context and scope
• Chapter 2: The role and constitution of the board
• Chapter 3: Board size, composition and qualification
• Chapter 4: Functioning of the board and evaluation of performance
• Chapter 5: The role of institutional shareholders: communication and engagement
• Chapter 6: Governance of risk
• Chapter 7: Remuneration

The Government announced the publication of the report on 26 November 2009 in the press release Government welcomes Walker Review corporate governance reforms.

Selected Responses to the final recommendations

Institute of Chartered Accountants in England and Wales (ICAEW)

The ICAEW issued the press release ICAEW responds to the Walker Report on 27 November 2009.

Financial Reporting Council

The FRC issued the press release FRC welcomes The Walker Report on 26 November 2009.

Archive

Selected Responses submitted in the first consultation phase

Institute of Chartered Accountants in England and Wales (ICAEW)

The Institute concluded that the Walker Review was of such significance that a separate advisory group was formed to formulate a response. The ICAEW response to the Walker review of corporate Governance in the UK banking industry (ICAEW REP 64/09) was submitted on 29 May 2009.

Institute of Chartered Secretaries and Administrators (ICSA)

The Institute of Chartered Secretaries and Administrators (ICSA) prepared a report for Sir David Walker as a contribution to the Walker Review. The report was published in June 2009 with the title Boardroom Behaviours (PDF: 14 pages). The publication of the report was announced in the press release ‘More robust guidance on boardroom behaviours needed’ says ICSA study on 8th June 2009.

An article in Chartered Secretary magazine on 12th June 2009 (Amend Combined Code, says ICSA) reported on the publication of the report and the ICSA recommendation that the Combined Code be amended to improve boardroom behaviour.

Chartered Institute of Management Accountants (CIMA)

CIMA published the document CIMA responds to the Walker Review on corporate governance in the UK banking industry (PDF: 12 pages) on 4th June 2009.