Governance reform: let's have another go

Just when I was losing faith in the Government's sense of direction in respect of financial reform, Paul Myners has stoked things up again. He suggests that Walker hasn't gone far enough (!) and floats the idea that there could be differential voting rights for shareholders, with those in it for the long term having more influence.

This latter argument will be controversial with some investors, who are very attached to the principle of 'one share, one vote'. But the EU looked at this issue and found now evidence that one share one vote leads to better outcomes. And if such a reform did lead to a more long-term approach on the part of least some big investors, maybe it is a principle worth conceding.

He also suggested that Fred Goodwin should do charity work!

Let's hope this means that there is still scope to push the Walker Review in a more reformist direction.

PS - The actual interview on the Beeb is here.