London, 25 July 2013 – The UK Sustainable Investment and Finance Association (UKSIF) welcomed today’s call from the Business, Innovation and Skills Select Committee for the Stewardship Code to better take into account environmental, social and governance (ESG) factors. UKSIF was also pleased with the Committee’s recommendation that the Government actively follow through on the recommendations of the Kay Review into Equity Markets and Long-Term Decision Making.
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Today’s speech shows that the Kay Review could become as influential over time as the 1992 Cadbury report on Corporate Governance which celebrated its 20th anniversary this year.
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The UK Sustainable Investment and Finance Association (UKSIF) saluted a ‘breakthrough’ report, released today, that could make the UK the “global centre for responsible stewardship”.
The ‘Kay Review of Equity Markets and Long-Term Decision Making’ was led by Professor John Kay and commissioned by the Department for Business, Innovation and Skills. It was tasked with examining the performance of UK equity markets and its final report has recommended a number of measures including regulatory support for fiduciary standards, more effective reporting and enhancements to the UK Stewardship Code.
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UKSIF has welcomed today’s release of the interim report of the Kay Review and called for an emphasis on effective transparency and responsible procurement among its final recommendations. UKSIF has also issued a ‘call to action’ for all pension funds and plan sponsors to participate in this important debate and drive improvements in the investment chain.
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UKSIF has marked today’s closing of the consultation period for the Kay Review by calling on all parts of the equity investment chain to embrace a long-term approach.
Economist John Kay is investigating whether UK stock markets push companies into taking a short-term approach to business. UKSIF has welcomed the Review and publicly called for all parts of the investment chain to use the publication of Kay’s report next year as an opportunity to rebuild public trust in UK equity markets.
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Read UKSIF’s response.
UKSIF Kay Review Diagram.
UKSIF has responded to today’s launch of the Kay Review’s consultation issues paper.
Welcoming the launch of the Kay Review issues paper, UKSIF Chair Martin Clarke said:
“UK companies must prepare to compete in a changing world. This is a world of environmental limits and social change as well as shifting economic power.
Responsible investors have been among the first to consider the risks and opportunities of these long-term changes and have a particularly strong understanding of how capital markets are responding.”
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