This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

The Walker Review

Clearing the new hurdle - Governance after Walker



On 26th November 2009 the final version of the Walker review into corporate governance in UK banks and other financial institutions (BOFIs) was published. It follows an interim report issued in July 2009. The review recommends the most radical changes to corporate governance in the UK since the publication of the Combined Code in 1998. The final review doesn’t vary greatly from July’s consultation paper but means we can now fully consider the implications for affected companies and institutions. Properly and intelligently adopted, the 38 recommendations of the report should help some important steps to be taken towards the re-establishment of trust in banks and others.

Key findings

Our updated briefing paper 'Clearing the new hurdle' sets out the key changes from the July consultation paper and highlights actions that BOFIs may consider when implementing Walker recommendations. There will need to be further consultation before formal adoption of the recommendations and it looks likely that the changes will only apply to periods beginning on or after 29 June 2010. However, in our view rather than waiting for the details of the recommendations to be finalised before acting, organisations should start to prepare for the behavioural changes required to promote greater challenge and to refresh the focus that the Board gives to their review of the business model, and of the related risk appetite and financial strategy.


In addition to the briefing paper we have also created a podcast where we give some practical pointers for BOFIs to consider because as with any major organisational, and indeed systemic changes, those suggested by Walker are going to bring some considerable practical challenges. 

Podcast Listen to the podcast

Previous publication

The Walker Review


Key findings

In the Deloitte response “Walker Review: Challenges firms now face to be ready in time”, we focus on the practical steps, including structural and behavioural changes, organisations need to take in order to effectively report against the new recommendations in Q1 of 2010, and outline key questions for financial institutions.

For further observations, please download our briefing note Download Walker Review: Challenges firms now face to be ready in time (PDF, 80KB)

Share this page

Email this Send to LinkedIn Send to Facebook Tweet this More sharing options

Get in touch

More on Deloitte