City Minister Lord Myners denied claims that the bill that may never become law.
All parts of the chain, says Mr Myners, need to think much more about asset allocation.
ECONOMIST: Institutional investors in Britain: Throwing the book at them | The
But the authors propose a very simple measure, first suggested by Paul Myners, a minister in Britain's last Labour government.
The Myners proposal appears to assume that shareholders are wise enough to prevent corporate excess, in terms of pay packages or risk-taking.
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"Technology is providing new ways of communicating, " City minister Lord Myners said.
Lord Myners told the BBC's Today programme he was "not aware" of any Whitehall figures raising the issue with the Bank of England.
Britain's City minister, Lord Myners, said that Iceland would face exclusion from the global financial system if it failed to meet its obligations.
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In Britain, two reports on fund management written in the past couple of years, by Ron Sandler and Paul Myners respectively, pinpointed various problems.
Lord Myners told peers that the UK was "not part" of discussions taking place among eurozone states about the prospect of a European monetary fund.
Mr Myners's report spares no one in the industry's decision-making chain.
ECONOMIST: Institutional investors in Britain: Throwing the book at them | The
City Minister Lord Myners replied that treaty law made it clear that member states were not liable for the commitments of governments of other member states.
Former City minister Lord Myners told the BBC's Newsnight that any Barclays staff responsible for manipulating the Libor rate should face the prospect of going to prison.
The former City minister, Lord Myners, has denied he or his Treasury colleagues put any pressure on the Bank of England over the setting of the Libor rate.
Lord Myners, his deputy, has said that he had no discussion about the "LIBOR rate setting process" and didn't speak to the Bank of England's Paul Tucker about it.
Lord Myners said the government view was that bonuses were "ultimately" up to shareholders provided the bank was "adequately capitalised" and the bonus system "does not contribute to unmanageable risk".
The Business, Innovation and Skills Committee have a session (at 9.30am) on the Kay Review of UK Equity Markets and Long-Term Decision Making, with the former City Minister Lord Myners.
Mr Wright, MP for Cannock Chase, said City minister Lord Myners had recently complained it was "becoming too easy for good British companies to be taken over by foreign predators".
Mr Myners's proposed code of best practice would call for trustees to have greater expertise and support, and require them to be paid for being legally responsible for pensioners' savings.
ECONOMIST: Institutional investors in Britain: Throwing the book at them | The
Labour's former City minister Lord Myners demanded to know whether ministers would be allowed to use the special lanes that will be installed for the use of Olympic officials, athletes, sponsors and media during the Games.
After a meeting with City minister Lord Myners, officials from the charitable sector said they were "hopeful" that organisations would get all their money back but expressed disappointment they had not been given an absolute guarantee.
Lord Puttnam's warnings were echoed by, among others, Tory ex-cabinet minister and former Midland Independent Newspapers chairman Lord Fowler, former BBC director-general crossbencher Lord Birt, and two former Guardian Media Group chairmen, Labour peers Lord Myners and Lord Gavron.
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