The scandal at Wells Fargo comes as the proposed CHOICE Act attempts to roll back governance provisions in the US.
It is a very public humiliation. John Stumpf, chief executive of Wells Fargo, faces having $40m of bonuses clawed back as a result of the fake accounts scandal that has engulfed the US bank.
The trouble began over the discovery that employees at the bank created millions of false accounts over a period of several years to meet sales targets. The scandal has resulted in thousands of staff being sacked.
Stumpf has faced the full glare of publicity since the troubles came to light, but the claw back signals where responsibility
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda
The ICSA's recent conference revealed that reform in the UK is unlikely to involve legislation, that company secretaries play a big role in managing boardroom tension and that governance has evolved into restoring faith in capitalism.