The review also calls for:
• A bank's remuneration committee should have direct responsibility for the pay of all high-paid employees
• Board-level risk committees chaired by a non-executive. (Non-executive directors are appointed from outside a company to sit on its board and scrutinise its performance)
• Risk committees to have power to scrutinise and if necessary block big transactions
• Chairman of remuneration committee to face re-election if annual report gets less than 75% approval
• Non-executive directors to spend up to 50% more time on the job
• Chairman of the board to face annual re-election
• Institutional investors to be more active in monitoring the banks.
See full Article.
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