| FRC Home » Corporate Governance » The Walker Review | » Print Page |
|
|
|
|
Sir David Walker’s report on the governance of banks and other financial institutions was published in November 2009. The report can be found at: Walker Review of Corporate Governance of UK Banking Industry The FRC’s statement welcoming the Walker Report can be found at: http://www.frc.org.uk/press/pub2174.html. The Walker Report contained a number of recommendations addressed to the FRC, and the FRC agreed to implement those recommendations that it considered should apply to all listed companies. Further details were set out in the FRC’s report on its own review of the Combined Code that concluded in December 2009. Copies of the report can be found at: http://www.frc.org.uk/corporate/reviewCombined.cfm. Some of the recommendations have been implemented through revisions to the Code (now renamed the UK Corporate Governance Code). The Code will apply to financial years beginning on or after 29 June 2010. The Code applies to financial years beginning on or after 29 June 2010. Some recommendations have been implemented through the FRC’s Guidance on Board Effectiveness, published to March 2010.. The Code and Guidance can be found at: http://www.frc.org.uk/corporate/ukcgcode.cfm Sir David Walker also recommended that the FRC’s remit should be extended to cover the development and encouragement of adherence by institutional investors to best practice in stewardship of UK listed companies. The FRC agreed to the Government’s request that it should take responsibility for a stewardship code for institutional investors. The Code was published in July 2010. While compliance with the Code is voluntary, all UK authorised asset managers are required to report whether or not they apply the Code. Further details can be found at: http://www.frc.org.uk/corporate/investorgovernance.cfm Sir David also asked that the FRC website provide a link to the website of the new Remuneration Consultants Group, which has published a code of conduct for remuneration consultants. Further details of the Group and code of conduct are available at:
