Walker found lacking on banking governance failures

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The major accounting bodies were unimpressed with the Walker Review into corporate governance failures in the UK banking sector, arguing that the proposed changes do not go far enough.

The Association of Chartered Certified Accountants (ACCA) said the review addresses the symptoms and not the root cause of those failures and will do little to change dysfunctional behaviour.

The Chartered Institute of Management Accountants (CIMA) called the proposals 'unrealistic', arguing that while there is a need for active shareholder engagement, Walker had not grasped what can be achieved at a reasonable cost.

The independent review, lead by Sir David Walker, issued a consultation document in July this year and will make recommendations to the government on 26 November based on the respo...

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Gina Dyer
Deputy Editor
Sift Media
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