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UK banks should disclose the number of staff earning more than GBP 1 million per annum, according to the final report submitted by David Walker on Thursday.
Walker, who is a senior adviser to Morgan Stanley, was commissioned by the Government earlier this year to explore failures of corporate governance and management of banks. He recommended 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.
He recommended banks to delay bonus payment and increase the power of risk committees and to conduct annual re-election of banks' board by shareholders. Further, non-executive directors should spend more time on the job, the Walker review said.
Chancellor of the Exchequer Alistair Darling said, "Sir David's proposals are the blueprint for how banks must be run in the future. His interim report recommended changes to control bonuses that have already become part of a global standard agreed by the G20."
The UK will issue draft regulations for consultation in the New Year and bring them into force as soon as practicable after enactment of the Bill, said Darling. This would force disclosure for the 2010 performance year.
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