Governance Works, in Principle

The financial crisis has exposed poor corporate governance practice in the banking sector, but does that mean the UK’s corporate governance framework needs to change, asks Neil Baker.
When the leaders of the G20 nations met in Washington in November to discuss the impact of the credit crunch, they made it clear that financial firms will face much tougher regulation in future. “We must lay the foundation for reform to help to ensure that a global crisis, such as this one, does not happen again,” their end of summit communiqué said. There was little detail about how they would actually achieve this; more plans are promised for the end of March.

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