Sir David Walker yesterday named a high-profile 11- member team, including Lady Hogg, 3i chairman, and Lord Hollick, the former United Business Media chief executive, for his working party on the private equity industry.

The former banker and City regulator was appointed in early March to help devise a code of conduct for the private equity industry, just weeks after a heated political debate erupted over the growing corporate power of the buy-out industry. His team will examine appropriate levels of disclosure for private-equity-owned businesses as well as the quality of valuation methodology.