Sally Dewar, the Financial Services Authority's (FSA) managing director of Risk, gave a speech entitled "Taking the FSA's corporate governance agenda forward" at the City Corporate Governance and Remuneration Summit on 30 March 2010. To view the speech, please click here.
Sally Dewar noted that corporate governance was currently near the top of the FSA agenda. The FSA is currently in the process of a consultation entitled "Effective corporate governance (Significant influence controlled functions and the Walker review)". The consultation paper was published in January 2010 and the consultation closes on 28 April 2010. To view our previous blog announcing the FSA's consultation on effective corporate governance, please click here.
The matters discussed during Sally Dewar's speech included:
- the FSA's proposals to improve corporate governance;
- the context behind the proposed corporate governance changes;
- what the FSA hopes to achieve with its proposals to improve corporate governance;
- how the FSA aims to make the proposals work in practice; and
- the Walker Review's recommendations.
Two main points were identified by Sally Dewar as key to improving regulation. These were:
- that good culture and behaviours in firms is being driven by senior management; and
- that good culture and behaviours are being reinforced by effective corporate governance and the role of the boards.