Occupy London protesters outside St Paul's have put demands to the City of London Corporation which, if accepted, may prompt them to leave the cathedral area. The camp already planned to move further back on Friday to avoid impeding Remembrance Sunday commemorations, but now conceivably might leave entirely at the weekend.

David Cameron defended the right to protest, but questioned the camp's effectiveness: "Obviously, the right of people to protest is fundamental to our country. The idea of establishing tents in the middle of our city, I don't feel is particularly constructive. I don't think it's particularly constructive in Parliament Square, and I don't think it's particularly constructive at St Paul's."

The document from Occupy London's general assembly is the first set of agreed demands, and raises the renewed possibility of negotiation with the corporation, after previous talks broke down. Bryn Phillips, who helped draw up the demands, said he was meeting the lord mayor to hand over the group's demands, which he regarded as a significant advance.

On Monday night protesters voted for demands that, if they were to be accepted, would open the corporation, the local authority for the area housing the UK's financial centre, to more scrutiny. Those present said that 200 people voted for the document asking the corporation to open itself to freedom of information requests, publish its accounts retrospectively to 2008, and reveal its financial involvements. A third proposal is for a commission, with representatives of the main Westminster parties, to look at reforming the corporation, with the archbishop of Canterbury suggested to chair it.

The Occupy statement says democratic reform is "urgently needed" for an "unconstitutional and unfair" institution. [see footnote].

It calls for:

• An end to business and corporate votes in elections, which can outvote residents.

• Removal of "secrecy practices", and transparent reform of institutions.

• Decommissioning of the City of London police, with officers put under the Met.

• Abolition of the offices of lord mayor, sheriffs and aldermen.

• A truth and reconciliation commission to examine allegations of corruption.

Phillips said: "We think that the public will look at our request and think it reasonable. The City just forgot the public."

The prime minister is expected on Thursday to respond to accusations from protesters and Labour that the government does little to help the "other 99%". Cameron is keen to wrest from Ed Miliband use of the soundbite "predator capitalism", which polls well in focus groups and chimes with Cameron speeches in opposition on "ethical capitalism".

• This footnote was added on 22 October 2011. Occupy London would like to make clear that the demands made by its general assembly to the Corporation of London are different from those outlined in this article, which were based on information given by one supporter. The general assembly called on the Corporation of London to: publish full, year-by-year breakdowns of the City Cash account, future and historic; make the entirety of its activities subject to the Freedom of Information Act; detail all advocacy undertaken on behalf of the banking and finance industries, since the 2008 financial crash.​