House of Commons - The Kay Review of UK Equity Markets and Long-Term Decision Making - Business, Innovation and Skills Committee

Business, Innovation and Skills Committee - Third Report
The Kay Review of UK Equity Markets and Long-Term Decision Making

Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 16 July 2013.

Contents

Structure of the equity market

Shareholder engagement

3 Previous review of the market

4 Professor Kay's recommendations and implementation

Investors Forum

Fiduciary duty

Appointment of executives

Remuneration of executives

Incentivising fund managers

Quarterly Reporting

Narrative Reporting

5 More work to be done?

The Stewardship Code: Content

The Stewardship Code: Sign-up

The Stewardship Code and Professor Kay's good practice statements

Resourcing stewardship

The Financial Transaction Tax

Mergers and acquisitions

6 Measuring success

Moving forward

Regulatory or voluntary approach?

Conclusions and recommendations

7 Annex A: Professor Kay's Principles

8 Annex B: Summary of the Kay Review's recommendations

9 Annex C: Professor Kay's Good Practice Statements

Good Practice Statement for Asset Managers

Good Practice Statement for Asset Holders

Good Practice Statement for Company Directors

Formal Minutes

Witnesses

List of printed written evidence

List of Reports from the Committee during the current Parliament

Oral and written evidence

Tuesday 5 February 2013: Professor John Kay, Chair of the Review of UK Equity Market and Long- Term Decision Making

Tuesday 14 February 2013: Lord Myners CBE, Former Financial Services Secretary and author of Institutional Investment in the United Kingdom: A Review

Tuesday 26 February 2013: Catherine Howarth, Chief Executive Officer, FairPensions, Christine Berry, Head of Policy and Research, FairPensions, Simon Wong, Visiting Fellow, LSE and Partner, Governance for Owners, and Dr Paul Woolley, Head of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality; Dominic Rossi, Global Chief Investment Officer, Fidelity Worldwide, Anne Richards, Global Chief Investment Officer, Aberdeen Asset Management, Harlan Zimmerman, Senior Partner, Cevian Capital, and Roger Gray, Chief Investment Officer, Universities Superannuation Scheme

Tuesday 5 March 2013: Anita Skipper, Corporate Governance Adviser, Aviva Investors, Steve Waygood, Chief Responsible Investment Officer, Aviva Investors, Neil Woodford, Head of UK Equities, Invesco Perpetual, and Chris Hitchen, Member of Kay Advisory Board Team and Chief Executive, Railpen; Daniel Godfrey, Chief Executive, Investment Management Association, Guy Sears, Director, Institutional, Investment Management Association, Penny Shepherd, Chief Executive, UK Sustainable Investment and Finance Association, and Matthew Fell, Director of Competitive Markets, Confederation of British Industry

Tuesday 26 March 2013: Rt Hon Vince Cable MP, Secretary of State for Business, Innovation and Skills

Written evidence