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Our response to The Kay Review: Further Call for Evidence

The Kay Review Department for Business
Innovation and Skills Spur 1
Floor 3
1 Victoria Street London
SW1 H0E

27 April 2012

Dear The Kay Review

The Kay Review of UK Equity Markets and Long-Term Decision Making: Further Call for Evidence

Thank you for giving us the opportunity to take part in the above consultation. I am pleased to enclose The Investor Relations Society’s response. We were unable to provide a response to the first round consultation, but having seen the interim report we felt it was important to add some of our views. The Investor Relations Society’s mission is to promote best practice in investor relations; to support the professional development of its members; to represent their views to regulatory bodies, the investment community and government; and to act as a forum for issuers and the investment community. The Investor Relations Society represents members working for public companies and consultancies to assist them in the development of effective two way communication with the markets and to create a level playing field for all investors. It has over 600 members drawn both from the UK and overseas, including the majority of the FTSE 100 and much of the FTSE 250.

As the professional body representing UK in-house Investor Relations Officers and their advisors, with the responsibility for liaising with the buy and sell sides in maintaining relationships with current investors, attracting new ones, and acting as a two-way communication function between issuer and capital, we are keen to explain the issuer perspective with respect to the subject of equity markets and long-term decision making and the thought-processes outlined in the interim report ahead of recommendation to Government. We do this by referencing some of the key topics of interest for our members discussed in the interim report: the question of mandatory quarterly reporting in the corporate landscape; the issue of ‘stewardship’ and investor engagement; ‘short’ and ‘long’ termism and investors; and diversification and internationalisation of UK share ownership. In particular we wish to highlight the challenges faced by issuers in attracting and maintaining investment capital. By taking this approach we seek to provide useful feedback and explain our members’ perspectives on the aforementioned issues.

Yours sincerely Michael Mitchell General Manager, The Investor Relations Society Bedford House 3 Bedford Street London WC2E 9HD
michael.mitchell@irs.org.uk 020 7379 1763

Published: 27 April, 2012

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