16 July 2009
City response to Walker report
Following this morning’s publication of the Walker report, the
Lord Mayor of the City of London Alderman Ian Luder, who acts as
global ambassador for UK-based financial services, said:
‘We welcome the proposal to make greater use of non-executive
directors with a financial services background, although this in
itself won’t provide a guarantee. Just as important are the skills
and abilities of non-executive directors - and the pay, resources
and time they have to do their job. It is also important that they
do not take on too many such posts.’
Stuart Fraser, the Policy & resources Chairman of the City
of London, said:
‘We welcome the Walker Report’s ideas to improve the governance
where necessary, ie for those firms which are so large that they
pose a systemic risk that is effectively under-written by the
tax-payer. However, it is vital we ensure that the vast majority of
firms, especially small and medium firms, should be left to strike
whatever balance they wish between executive remuneration and
profits. After all it from these firms that most of the much-needed
future growth, jobs and prosperity will come from. In any
international industry it will be necessary to pay the going rate
if we wish our firms to attract the best talent to the UK.’
Ends
Notes
Press contact Greg Williams 020 7332 1455, 07889 167 205
- Walker Review
http://www.hm-treasury.gov.uk/d/walker_review_consultation_160709.pdf
- The City of London Corporation provides local government
services for the Square Mile, the financial and commercial heart of
Britain, works nationally and internationally to maintain and
enhance the City as a world-leading international financial and
business centre. Its other special responsibilities and services to
London and the wider UK include the City of London Police, Barbican
Arts Centre, Central Criminal Court at the Old Bailey, 10,000 acres
of open space including Hampstead Heath and Epping Forest, three
wholesale food markets, two inner-London City Academies, the City
Bridge Trust, economic regeneration programmes in neighbouring
boroughs and acting as London’s Port Health Authority. It also
works extensively at home and abroad to promote the City.