Earlier this year the Financial Regulator published for consultation minimum corporate governance standards for banks and insurance companies. An unprecedented number of responses have been submitted by companies, groups, individuals and associations, in respect of the Financial Regulator's Consultation on Corporate Governance for Banks and Insurance Undertakings. Over 70 representative bodies, banks and insurance companies submitted responses which criticised the proposals. Certain responses questioned the proposal for a majority of independent directors on a board, in light of the concept of a "unitary boardroom". Other responses questioned the lack of proportionality of the measures between larger corporate bodies and smaller enterprises.