The one-off 50% tax on bank bonuses is welcome.  Setting the qualifying level at median earnings underlines the absurdity of the fact that so many working in the City earn so many times more than average earners for doing – well, a variety of things, including contributing to the greatest financial crisis since the Great [...]

Filed under: Financial crisis, Pre-Budget Report, Tax | 2 Comments »

David Walker’s review of bank governance acknowledges the lack of effective engagement between UK companies and their shareholders and the contribution this made to the financial crisis. But it fails to recognise that weak shareholder engagement and control leaves a gaping hole in the UK’s corporate governance system.

Filed under: Corporate governance | 1 Comment »

In a useful and timely contribution to the financial crisis debate, PIRC – the Pensions Investment Research Consultants – has published a manifesto outlining its recommendations for reform of corporate governance and capital markets.
PIRC recognises that alongside a catastrophic failure of financial regulation, the financial crisis represents a failure of corporate governance, and its analysis [...]

Filed under: Corporate governance, Financial crisis, Pensions | 2 Comments »

The ban on short-selling in financial stocks brought in at the end of last week by the FSA and the SEC was greeted with some scepticism as well as relief, but it has been credited with helping to boost the stock market after its recent plunges.  The actions of the regulators have been mirrored by [...]

Filed under: Economics | 2 Comments »