The Walker review is expected to increase scrutiny of non-execs and pay schemes

The publication of the Walker Review this week is widely expected to throw a spotlight back on the issue of corporate governance.

Sir David Walker, who was asked to review bank governance by Britain's Chancellor, Alistair Darling, is expected to put forward measures that will oblige non-executive directors to demonstrate a thorough understanding of their companies along with the introduction of remuneration committees to examine pay policies on a firm-wide basis.

Many question, however, whether the review will go far enough to avoid a repeat of the events which led to the financial crisis of 2008. Some argue that a review of this kind will only have a limited impact, given the systemic problems that banking and big business face.

The review is expected to make recommendations in the following areas:

The effectiveness of risk management at board level, including the incentives in remuneration policy to manage risk effectively;

The balance of skills, experience and independence required on the boards of UK banking institutions;

The effectiveness of board practices and the performance of audit, risk, remuneration and nomination committees;

The role of institutional shareholders in engaging effectively with companies and monitoring of boards; and

Whether the UK approach is consistent with international practice and how national and international best practice can be promulgated.