A government-commissioned review of the corporate governance of the UK banking industry should be more radical in considering reform of bank ownership structures, the City minister, Paul Myners, said today.Lord Myners suggested that the former regulator Sir David Walker should consider changes that would give greater voting rights to shareholders who stuck with companies rather than selling up when they got into difficulties.He said Walker should force banks to disclose the names and pay packages of their top-earning staff, regardless of whether they were on the board.Myners, a former investment banker, told the BBC: "I would like to see David Walker step one step further outside the box of thinking he is currently in and see what are the more radical, indeed the most radical, solutions."In February, the prime minister, Gordon Brown, commissioned Walker to carry out a review of the governance of the banking industry.Walker produced an interim report last month which recommended strengthening boards, in particular by boosting the role of non-executives in the risk and remuneration process.
A government-commissioned review of the corporate governance of the UK banking industry should be more radical in considering reform of bank ownership structures, the City minister, Paul Myners, said today.
Lord Myners suggested that the former regulator Sir David Walker should consider changes that would give greater voting rights to shareholders who stuck with companies rather than selling up when they got into difficulties.
He said Walker should force banks to disclose the names and pay packages of their top-earning staff, regardless of whether they were on the board.
Myners, a former investment banker, told the BBC: "I would like to see David Walker step one step further outside the box of thinking he is currently in and see what are the more radical, indeed the most radical, solutions."
In February, the prime minister, Gordon Brown, commissioned Walker to carry out a review of the governance of the banking industry.
Walker produced an interim report last month which recommended strengthening boards, in particular by boosting the role of non-executives in the risk and remuneration process.
The minister called for a shake-up in shareholders' voting rights and for banks to be forced to reveal the names and pay packages off top-earning staff, even if they are not board members. He spoke out in a BBC interview to accuse Sir David Walker, who chaired the review into corporate governance of the banking industry, of not being "radical" enough or thinking far enough "out of the box" in his interim report.
The minister called for a shake-up in shareholders' voting rights and for banks to be forced to reveal the names and pay packages off top-earning staff, even if they are not board members.
He spoke out in a BBC interview to accuse Sir David Walker, who chaired the review into corporate governance of the banking industry, of not being "radical" enough or thinking far enough "out of the box" in his interim report.
ET motto.
you have aphoristic facility, TBG. that one is up there with Keynes' finest.
a proper pearl of an axiom.
i can see why your book could be bankable... ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
