Government review of bank governance

This looks interesting. Unfortunately Walker's previous review of private equity ducked a few key questions, attribution analysis for example. Hopefully, especially given the environment, this will be a serious bit of work.

The terms of reference for the review are:

* To examine corporate governance in the UK banking industry and make recommendations, including in the following areas:
* the effectiveness of risk management at board level, including the incentives in remuneration policy to manage risk effectively;
* the balance of skills, experience and independence required on the boards of UK banking institutions;
* the effectiveness of board practices and the performance of audit, risk, remuneration and nomination committees;
* the role of institutional shareholders in engaging effectively with companies and monitoring of boards; and
* whether the UK approach is consistent with international practice and how national and international best practice can be promulgated;

Nice quote from Myners too (on on of my fave topics!):
“Boards are effective only when held to account by vigorous and alert owners who devote the time and effort needed for engagement. This review is the first step in generating renewed commitment from institutional shareholders.”
Let's not forget Myners has already expressed a bit of scepticism about how engaged the 'owners' are, so hopefully he will make sure the review has a proper look at these issues.