The language of bonus clawbacks has entered the UK's official corporate governance bible for the first time, suggesting the ideas put forward by Sir David Walker to curb excess in the banking sector may yet spread to the wider economy.
The Financial Reporting Council, a regulator that sets auditing, reporting, accounting and actuarial standards for public companies, published a review of its rules yesterday and incorporated several ideas from Walker's separate review of governance in the banking sector, which was published last week.