Bank boards must focus on long-term wealth creation and not short-term profits, Alistair Darling will tell the City tonight, only hours after being criticised by a Lords committee.
Hinting at tough measures to strengthen corporate governance in the Walker review, now expected next month, the Chancellor will say that the process of learning lessons from the banking crisis must start in the boardroom. “Bank boards must have the right people, skills and experience to manage themselves effectively,” he will say in the Mansion House speech.
The speech comes as the House of Lords European Union Committee criticises the Government for imperilling British interests by failing to do enough to shape EU policymaking on future regulation. In a report published today, the committee says the Government’s