He now heads governance studies at the Brookings Institution.
Tim Bush, head of governance and financial analysis at corporate governance watchdog Pensions and Investments Research Consultants is reported to have told Fraser: "My analysis was that RBS was aggressively puffing all the numbers in the hope of a quick and dirty sale".
"Many institutions are looking for alternative sources of funding," said Thomas Estermann, the association's head of governance, autonomy and funding.
Tim Bush, head of governance at the shareholder advisory group Pirc, said: "We thought we were well past the point where Sky could be run without him.
"We are running out of places to find oil," said Karina Litvack, head of governance and socially responsible investment at ISIS Asset Management in London.
Guy Jubb, the global head of governance and stewardship at Standard Life Investments, described the big four's oligopoly as an "accident waiting to happen".
The interim verdict of an internal inquiry conducted by the RFU's head of governance, Peter Baines, backs him up, according to those who have seen it.
Iain Richards, head of governance and public policy at Morley Fund Management, a large UK asset manager, says it is important to recognise that these are still early days.
"It's one thing if your potential borrower is dumping cyanide in a river," said Karina Litvack, the head of governance and sustainable investment with F&C Investments, an investment management firm based in London.
"We are pleased that our key concerns over last year's executive bonuses have been addressed," said Guy Jubb, global head of governance and stewardship at Standard Life Investments, which owns Barclays's shares.
