This study analyses whether board independence and expertise in banks have increased and whether banks' board term duration has shifted to annual basis following the recommendations of Walker (2009). This study employed the two-step system generalised method of moments estimation method to analyse the relationship between these changes and bank performance. Findings provide empirical evidence that by adapting the recommendations in the Walker Report related to the increase in percentage of outside directors with financial expertise, electing a chairperson with financial expertise and a shift in the board member re-election term to annual basis enhances bank performance. Lastly, this study demonstrates that an increase in board independence and expertise and a shift in the board re-election term to annual basis are particularly relevant for small banks (as measured by total assets). These findings are robust to the alternative bank performance measure using Tobin's Q.