Banks must brace themselves for a rash of board-level bureaucracy, if the proposals of the Walker Review on financial sector corporate governance, published on Thursday, are accepted.
Sir David Walker, the former chairman of Morgan Stanley International, and author of the report, said financial groups should set up board risk committees, separate from audit committees, to ensure executives are not allowed to run amok.
Sir David also wants boards’ remuneration committees to take on far more work, scrutinising the pay of anyone who earns more than the average board-level executive.
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