Posts Tagged 'Lloyds Banking Group'

Government welcomes Walker Review corporate governance reforms

by HM Treasury, November 26, 2009.

The Government announced on 26 November 2009 that it will move quickly to implement the reforms of bank pay and governance proposed by Sir David Walker. Sir David’s review was commissioned by the Government earlier this year to explore failures of corporate governance and management of banks.  His final report suggests a series of reforms to strengthen the role of shareholders, improve the quality of bank boards, and to increase transparency of pay and bonus policies.

Background

The Walker Review of Corporate Governance of UK Banking Industry was announced on 9 February 2009 by the Prime Minister, the Chancellor of the Exchequer, and the Secretary of State for Business, Innovation, Universities and Skills. Sir David Walker was asked to conduct a review of the corporate governance of banks and other financial firms, to recommend how financial institutions can better equip themselves to respond to lessons learnt from the crisis. An interim report was produced on 16 July and the consultation ran until 1 October 2009.

In responding to the Review, the Government has endorsed the call for major changes to the way that bank boards function, including improved risk management, more effective control and enhanced disclosure of remuneration, more effective and better informed directors, and enhanced engagement between boards and shareholders…(continue reading)

Women still face a steep climb to the top table

by Ruth Sunderland for the Guardian, August 23, 2009.

Women still face a steep climb to the top table.

Research commissioned by the Observer has revealed that UK boardrooms are still overwhelmingly male-dominated, despite the fact that more than nine out of 10 companies claim to have an equal opportunities policy in place.

Women occupy only 242 out of 2,742 seats on the boards of FTSE 350 companies, according to a study by The Co-operative Asset Management as part of our Good Companies Guide series of reports into ethical and socially responsible practice in corporate Britain.

More than 130 companies out of those surveyed had an all-male board and the vast majority of female directorships are non-executive. Women hold only 34 executive board seats out of a possible 970.

As a result of this work, Co-operative intends in future to consider gender and diversity when it is assessing companies from an ethical, social and governance perspective.

John Reizenstein, managing director of Co-operative Asset Management, said: “It’s a commonplace that women and minorities ought to be better represented in boards and other top positions. But does it make good business sense? Our report shows that leading UK plcs believe an inclusive, progressive approach brings real benefits, but also shows that too many companies still appear to pay the issue lip service. We think organisations which foster diversity at the top have an advantage over those which don’t.”…(continue reading)

Bank boards come under scrutiny

by BBC News, 16 July 2009

Bank bonuses should be more closely controlled and non-executive directors should be better trained, according to a government-commissioned report.

The review of the corporate governance of UK banks, by ex-City regulator Sir David Walker (watch BBC Interview), also calls for greater shareholder involvement.

It recommends more transparent pay and bonus structures for all high earners.

Prime Minister Gordon Brown said he thought that the recommendations in the report would be adopted…

To read the complete article please click here.


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