By Marcus Leach
Three senior city figures were today appointed to form the Advisory Board for the Kay Review of UK equity markets and long-term decision making.
Professor John Kay has asked Sir John Rose, former Chief Executive of Rolls-Royce plc; James Anderson, Partner and Manager at Baillie Gifford; and Chris Hitchen, Chief Executive of the Railways Pension Trustee Company and Chairman of the Pensions Quality Mark, to help shape his recommendations.
The Review was announced in June by Business Secretary, Vince Cable to investigate the way investors, shareholders, regulators and the boards of UK-listed companies can best serve the long-term interests of British businesses and the economy.
The Advisory Board will examine the investment chain - from company boards, through pension advisers and fund managers, to the ultimate beneficiaries — and make recommendations to ensure the UK is home to successful companies with access to the capital they need.
Its membership confirmed, the Board will now begin its work in earnest before launching a formal consultation in the autumn. An interim report will be published early next year with the final conclusions and recommendations for Government expected to follow in Summer 2012.
“The equity market is absolutely crucial to UK competiveness, but it’s also vital we consider how to best support the long-term interests of British business," Business Secretary Vince Cable said.
“Between them, Sir John, Chris and James bring a wealth of expertise to the task and I am greatly looking forward to hearing their recommendations when the review concludes next year.”
Professor John Kay said he was delighted with the three appointments and believes they will be a huge asset to his review.
“I’m delighted that Sir John, Chris and James will be contributing their experience and knowledge to my review of capital market disciplines and the competitiveness and long-term performance of British business," he said.
“I truly believe this is among the most important issues facing industrial policy today, so with the Board now poised and ready, I’m looking forward to the challenge of tackling it.”
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