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The Walker Report

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 review
  • Online articles
  • Useful links
  • Books and articles in the library collection

A review of corporate governance in UK banks and other financial industry entities

Information about the review can be found on the independent review page for the Walker Review of Corporate Governance of UK Banking Industry

The consultation document A review of corporate governance in UK banks and other financial industry entities was published on 16 July 2009.

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

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use. 

Sir David Walker : five steps to good governance

The article discusses five major themes that are common to corporate and bank governance across Europe.

What banks should do now

The article presents information on the Walker Review by former Morgan Stanley chairman David Walker. The review focuses on the 2008-2009 global financial crises and offers guidelines for effective corporate governance of the British banks and other financial institutions (BOFIs). Walker made 39 best practice corporate governance recommendations in the review.

In the line of fire

The article discusses the proposals resulting from Sir David Walker's review of banking corporate governance, such as risk committees at the board level and transparency on staff pay.

More activism essential with financial firms

The article focuses on the report "Review of Corporate Governance in U.K. Banks and Other Financial Industry Entities." Sir David Walker, senior adviser to Morgan Stanley and author of the report, said proposals are designed to improve the professionalism and diligence of bank boards, raising the importance of challenge in the board environment. It produced 39 recommendations, including developing institutional shareholder principles of stewardship, sponsored by the Financial Reporting Council.

Useful links

Final recommendations of Walker review published 
Briefing published by Slaughter and May in December 2009. The briefing looks at various aspects of the report, including how the recommendations can be implemented.


ICAEW 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. ICAEW issued the press release ICAEW responds to the Walker Report following the release of the final report.

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. 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. Following the publication of the final report ICSA issued the press release Walker report takes on board ICSA recommendations.

Articles and books in the Library collection

Selected articles

Corporate governance handbook
Chambers, A. (Bloomsbury Professional, 2014, 1099 pages) 
This book advises on functioning within the legal, ethical and practical parameters of corporate governance. Part D, corporate governance in practice, has a chapter on the Walker Review of corporate governance in UK banks and other financial industry entities.

All for one? 
Chartered Secretary, September 2010, pages 31-33
Considers the difficulties of corporate governance for an international group including 25 locally incorporated subsidiaries post-Walker review. Looks at the experience of Standard Chartered Bank.

Board games 
Internal Auditing, February 2010, pp.18-23
Companies will have to implement some important changes to their corporate governance practices in 2010, writes the author. Internal auditors should be at the forefront of developments, but will need to seize the opportunities. Includes discussion of the Walker Review and the proposed new Combined Code: two responses to the credit crunch and financial crisis.

Sharing the burden : a fresh look at corporate governance 
FS Focus, April 2010, pp.14-17
Author explains what the Walker report means for institutional shareholders. He looks at the current framework for institutional shareholders (shown in a table) which has been found to be deficient in the financial crisis. He then looks at the detail of the recommendations in the Walker report (shown in a table) and considers what motivates institutional investors; engagement with the company; the role of the chairman and the SID (senior independent director); collaboration; and stewardship.

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