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But the authors propose a very simple measure, first suggested by Paul Myners, a minister in Britain's last Labour government.
ECONOMIST: Time to reassess how fund managers are rewarded
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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.
ECONOMIST: Other people's money
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Non-executives often remained a minority on their board, but their ability to act as a check and balance on the chief executive increased significantly, thanks to proposals in a series of reports written by knighted worthies three company bosses (Sir Adrian Cadbury, Sir Richard Greenbury, Sir Ronald Hampel) and a fund manager (Sir Paul Myners).
ECONOMIST: America has Sarbanes-Oxley. Britain has Derek Higgs