BREAKING NEWS

UK minister suggests more radical banking overhaul

By AP , JPOST.COM STAFF

AUGUST 2, 2009 01:50

A government-commissioned review of the British banking industry ought to be more radical regarding issues such as shareholder rights and transparency, a UK minister said Saturday. Treasury minister Paul Myners said the review of the nation's banks, currently being conducted by former regulator David Walker, should consider questions such as rewarding long-term investors with better voting rights and forcing banks' top earners to disclose their salaries. "I would like to see David Walker step one step further outside the box of thinking he is currently in and see what are the more radical, indeed the most radical, solutions," Myners told the BBC's "Leading Questions" program. An interim version of Walker's report, which is due out this November, has already recommended strengthening oversight by boosting the role of non-executives in the risk and payment process.

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