Jurisdiction(s):
United Kingdom

Key definition

Walker Review definition

What does Walker Review mean? The Walker Review refers to the 2009 independent review of corporate governance in UK banks and other financial institutions, led by Sir David Walker and published on 26 November 2009. In practice, lawyers use the term to denote the review’s recommendations on board effectiveness, risk oversight and remuneration that reshaped UK banking governance after the global financial crisis. It is not defined in legislation or case law; it is a descriptive label for the report and its influence. Key features include: stronger, more engaged boards and non‑executive directors; dedicated board risk committees and a chief risk officer with independent...

UK Risk Committees: UKCG Code, UK Listing Rules/DTRs, Walker Review, FRC/CGI Guidance—Duties, Composition, Operation, Reporting for Listed Companies and Financial Services Firms

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Practice notes

UKCG Code, UK Listing Rules and DTRs

The UKCG Code applies to companies that hold a listing of equity shares in the equity shares (commercial companies) category, whether incorporated in the UK or elsewhere, and it sets out provisions on the establishment of committees of the board. It requires the creation of an audit committee, and it also envisages that, in particular circumstances, companies with a listing of equity shares in the equity shares (commercial companies) category may wish to establish a separate risk committee. For further guidance on audit committees, see Practice Note: The audit committee.

Under the Financial Conduct Authority (FCA) UK Listing Rules (UKLR), all companies with a listing of equity shares in the equity shares (commercial companies) category are required either to comply with the provisions of the UKCG Code or to explain to shareholders in their next annual report why they have not done so, reflecting the 'comply or explain' principle...

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Web page updated on 22/05/2026

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