Notable by their absence are former Conservative treasurer Michael Spencer, whose nomination for a peerage was reportedly blocked by an independent advisory committee, and Tory donor Ian Taylor, who asked for his name to be withdrawn after negative publicity.
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Derbyshire MP and chairman of the Conservative Party, Patrick McLoughlin, is to receive a knighthood, it has been reported.
Also honoured is Isabel Spearman, a former fashion public relations executive who worked for Cameron’s wife Samantha as a stylist and assistant.
Nick Clegg and David Cameron had been wrestling each other for months over House of Lords reform, with the Liberal Democrat leader very publicly pulling the plug on his pet project in August 2012 after the prime minister admitted he would not be able to guarantee the support of his backbenches for the far-reaching reform.
George Osborne becomes a Companion of Honour, while former Number 10 spin doctor Craig Oliver and Defence Secretary Michael Fallon are among those those knighted.
The findings of the review coincide with a major row in Westminster over David Cameron’s resignation honours – a leaked draft of which was packed with personal aides and party donors.
Charlotte Vere, who ran the failed Conservatives In campaign at the European Union referendum, is also made a peer while Will Straw, the head of the Stronger In campaign, accepted a CBE despite pressure from Labour. Thea Rogers, a special adviser to Mr Osborne, has received the same award.
He suggested Labour should not nominate new peers without a commitment that the list proposed by Cameron would be dropped.
“He is not the first prime minister to leave office having rewarded quite so many friends, but he should be the last”.
The Electoral Reform society called Cameron’s parting gift of 16 Lords “a sorry legacy, both in terms of cost to the taxpayer and the quality of our democracy”.
“We can encourage that by placing a really low cap on political donations so parties are forced to raise their money in more democratic ways”, he told BBC radio.
Steve Hilton said the ex-prime minister’s recommendations are a symptom of a “corrupt and decaying democracy”.
A more “serious type of very British corruption”, he argued, is that honours and even peerages can be “purchased” through political donations.
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Mrs May’s official spokeswoman said on Monday the new Prime Minister would not intervene over her predecessor’s list, as it would set a bad precedent. “The fact she continues to refuse to do so only reinforces the fact that the Tories will always put their own interests before those of the country”.
