Kay Review of equity markets offers multiple reform suggestions.

FT: “Many of the 17 recommendations, which include calls to improve relationships between companies and investors and the scrapping of mandatory quarterly management statements, will be difficult to carry through, say some industry and market participants.” “….Matthew Fell, director for competitive markets at the Confederation of British Industry, said: “The overall desire to tackle short-termism and trying to get investors and companies off that short-term carousel is a good thing. These are broadly sensible measures, but there is no silver bullet that will deal with short-termism. ….Just a few of the recommendations are expected to be enshrined in legislation. These include the removal of obligations for mandatory quarterly interim management statements, which has won approval from some businesses and investors because of the burdens in time and costs this puts on companies.” The main recommendations from the report: 1. Look further ahead: Change culture of investing. 2. End quarterly reports: Use time more fruitfully. 3. Fewer links in the chain: Reduce the middle men. 4. Concentrate portfolios: Engage more effectively.