Mr. Walker suggested that most of his proposals should be included in the current code of practice for corporate governance, which means that they would have the power of law.
Russia's new securities chief, Igor Kostikov, already has begun work on a code of corporate governance.
President Vladimir V. Putin's administration is writing a code of corporate governance based on principles recommended by the Organization of Economic Cooperation and Development.
In fact, CIPE has been part of the development of successful codes of corporate governance for countries as diverse as Bahrain, Pakistan, and Kosovo.
She has started the search for a new independent non-executive chairman "as well as at least" two non-executive directors "in order to ensure that in the future the company's affairs can be conducted in accordance with the UK corporate governance code and best practice for corporate governance".
The code is an important step forward for corporate governance in the UK – which, though it may not be fashionable to say so, is of a higher standard than almost anywhere else in the world.
The development of codes of corporate governance in the UK can be criticized on two grounds: first, that the process has been, to a large extent, ad hoc; and second, that the codes of corporate governance lack an enforcement mechanism.
Demand for corporate governance evaluation is coming from both corporations and investors.
The Financial Reporting Council (FRC), the independent regulator responsible for corporate governance, has now defined diversity in the updated UK corporate governance code as 'gender and race'.
Such a precedent could be counterproductive for corporate governance.
Our findings have important implications for corporate governance.
