Mr Davies gave evidence at the Hutton inquiry
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The BBC is looking at possible curbs over freelance writing done in newspapers by its journalists, in the wake of the Hutton Inquiry.
Chairman Gavyn Davies said the corporation would need to "re-examine its procedures" to make "any necessary changes" following the Kelly affair.
He was speaking at a dinner on Wednesday night in Cardiff, where the board of governors was meeting.
A BBC spokeswoman said the freelance issue was one of many under discussion.
Reform
In September the governors asked the director general and the executive committee to formulate proposals for reform in several key areas, he said.
These included the rules under which BBC journalists can write for newspapers and other journals.
The governors are currently considering these proposals and Mr Davies said he expected "final decisions will have the full support of both boards".
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I believe that the public would expect the BBC to re-examine its procedures as a result of the experiences of this summer
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The Hutton Inquiry heard that BBC Today reporter Andrew Gilligan had written an article in the Mail On Sunday following his broadcasts on the Radio 4 news programme.
During his speech Mr Davies said the BBC needed to act in the "wider public interest".
"It goes without saying that the BBC must never act in its own narrow interest, but must always act in the wider public interest.
"I believe that the public would expect the BBC to re-examine its procedures as a result of the experiences of this summer, and make any necessary changes to ensure that things are working properly going forward. "
But he stressed that the BBC's basic approach to journalism would not change.
"Unless we fearlessly seek to tell the public the truth, we are nothing and we do not deserve to receive the licence fee.
"Impartiality, accuracy and fairness have always been the BBC's drumbeat. Our commitment to these values has never wavered. And it will not do so now."