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Lord Myners flags up gaps in Sir Walker review

City minister Lord Myners has flagged up a number of areas that need greater consideration within Sir David Walker’s review into corporate governance in banking.

Speaking at the NAPF conference in Edinburgh today, Lord Myners addressed a number of key issues which need to be addressed in Sir Walkers’ review.

Myners said: “Some of the areas I hope Sir David will explore include whether we should place an additional legal obligation of bank directors and senior executives to have regard in their activities of promoting and maintaining systemic financial stability.”

He also questioned whether the director of risk should have a separate independent reporting line to the board, whether non-executives should be required to have professional qualifications related to banking and whether there is a case for non-executives having dedicated support to help them assert their responsibilities when necessary.

He said: “I think there is a strong case for reviewing appointment of an independent specialist adviser to the audit committee.”

Myners also drew attention to how much time non-executives should be expected to spend performing their roles, and their rewards. He also suggested that Walker should consider whether statutory reporting on remuneration should be extended to non-board positions providing greater insight into the culture and behaviours of the group it is seeking to promote.

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