– The final report of the Kay Review suggested there is a bias in favour of activity in almost every link of the investment chain. The two common threads in the report are the need for disintermediation and the reestablishment of trust and professional standards in the investment industry. The report recommends directors, asset managers and asset owners adopt Good Practice Statements to promote stewardship and longterm decision making.
– UKSIF compared the Kay Review to the ground-breaking ‘Cadbury Report’ from 1992 in its potential international impact, and said: “It is pension funds who are best positioned to drive change in long-term investment.” Governance for Owners, while broadly welcoming the report’s conclusions and recommendations felt it could have gone further in exploring the significant role of pension funds in the equity ownership chain.
– British banks took another significant hit as the New York State Department of Financial Services claimed Standard Chartered illegally schemed with Iran to launder money following accusations by the US Senate that HSBC violated anti-money-laundering rules.
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