The FSA’s Proposals on Reforming Corporate Governance: New Elite or Endangered Species?

  • Feb 2010
  • Client publication/article

This briefing paper considers some of the issues highlighted in the FSA's latest proposals for corporate governance reform contained in its Consultation Paper 10/3 "Effective corporate governance (Significant influence controlled functions and the Walker review)". 

In particular, it focuses on:

  • the proposed new and re-classified controlled functions for which individuals require prior FSA approval
  • the extension of the scope of the controlled function for certain individuals in parent companies of authorised firms and the introduction of a new controlled function requirement for branches of EEA banks who take retail deposits in the UK
  • greater expectations of non-executive directors
  • the FSA response to the Walker proposals on risk oversight and shareholder engagement
  • the FSA's procedures for approving senior individuals, including interviews



Jan Putnis (partner), Ben Kingsley (partner)

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