The review was announced six weeks ago after the collapse of Enron, who had appointed accountant Lord Wakeham as non-executive director and chairman of its audit committee.
It will build on the work of the Myners and Company Law reviews and will assess who the non-executive directors are and how they are appointed, their independence and effectiveness, and what could be done to strengthen the quality, independence, and effectiveness of UK non-executive directors.
Higgs, who is an investment banker at UBS Warburg and non-executive director of British Land, Egg, Jones Lang Lasalle, and Allied Irish Banks, was chosen after the job was turned down by Sir Peter Davis, chief executive of Sainsbury.
He said the review would be finished by the end of the year and the panel would present its recommendations by the end of the year.
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