Shareholder Approval of Auditors: To emphasise the primacy of shareholders, in particular over management, in the appointment of auditors to financial institutions in receipts of State support, that audit committee chairpersons be required to propose at each AGM the appointment of the auditor and to set out their reasons for doing so. We will also make it a standard practice that auditors should answer questions to shareholders at the Annual General Meeting of public companies. We will also require the audit committee of banks and other Public Interest Entities to evaluate the effectiveness and competence of the auditor every three years and set out for shareholders how they have done so.
in favour of efficiency in government/administration, for example by restructuring civil service or improving bureaucracy