On his blog, Tobias Haller quotes from the 1878 Lambeth Conference's Encyclical letter, section 1.5:
There are certain principles of church order which, your Committee consider, ought to be distinctly recognised and set forth, as of great importance for the maintenance of union among the Churches of our Communion.
1. First, that the duly certified action of every national or particular Church, and of each ecclesiastical province (or diocese not included in a province), in the exercise of its own discipline, should be respected by all the other Churches, and by their individual members.
Haller's conclusion, in part:
...point 1, in one sentence, is the key to any real Anglican unity. No further "covenant" is needed. And the one currently on offer provides a mechanism to frustrate point 1, by shifting from respecting the actions of the provinces to placating those offended by them. The proposed Covenant is government by discontent and disrespect.