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Kay review of UK equity markets and long-term decision making

Independent review on investment in UK equity markets and its impact on the long-term performance and governance of UK quoted companies.

Last fetched 03 May 2026 · gov.uk
Detail

The government commissioned Professor John Kay to undertake an independent review of how the mechanisms of control and accountability provided by UK equity markets, and the behaviour of the agents in that process, affect the performance of UK businesses. It aimed to ensure that UK equity markets continue to perform to the benefit of both companies and investors.

Timeline

15 September 2011: Professor Kay launched the review’s call for evidence building on the previously published terms of reference, and set out a range of issues and questions on which we sought evidence

29 February 2012: The review published its Interim Report, summarising the responses to the call for evidence

23 July 2012: The review published its Final Report

Full details of the review are available at: the Kay Review page .

Documents