Categories:Private Equity

Equity markets: taking the long-term view

The Government has published its response to Professor John Kay’s review of UK equity markets and long-term decision making, which focused on changing the perceived culture of short-termism in the equity markets (the Kay Review). The response was very supportive. The Government endorsed the Kay Review’s 10 principles for equity markets and the directions for the market participants which follow from those principles, it was in agreement with most of the 17 specific recommendations, and it stated its full support for the Good Practice Statements for Company Directors, Asset Managers and Asset Holders.

However, in looking to implement the Kay Review, it is not proposing any immediate new regulation (beyond that already announced), but hopes instead to promote a change in culture and to encourage market participants themselves to take the lead. Among the specific recommendations it is taking forward, the Government has:

  • Confirmed its commitment to working with EU counterparts to end mandatory quarterly reporting
  • Expressed its intention to keep merger and acquisition activities of and by UK companies under review
  • Endorsed the Good Practice Statements for Company Directors, Asset Managers and Asset Holders…

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