The end of 2009 saw the publication of two sets of long-awaited corporate governance proposals. The first was Sir David Walker’s final recommendations on corporate governance in UK banks and other financial institutions (‘Walker’). A matter of days later, the Financial Reporting Council (‘FRC’) published its final report on the 2009 review of the Combined Code on Corporate Governance (‘the Code’), soon to be renamed the ‘UK Corporate Governance Code’, together with a consultation on a revised Code. This article summarises the main changes to corporate governance proposed by both Walker and the FRC.

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