Consultation outcome

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

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Download the full outcome

Detail of outcome

The response explains why the government accepts Professor Kay’s analysis. This includes his suggested principles for UK equity markets and the directions from these principles for market participants and regulatory policy makers.

It also provides detailed responses to the 17 specific review recommendations and how the government will implement them, working with business and investment industry stakeholders to encourage them to take the lead.

Detail of feedback received

You can view public responses submitted to the:

Original consultation


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

This consultation ran from

Consultation description

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.


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 .


Published 15 September 2011