News story

Expert panel gets to work on review of UK equity markets

Professor John Kay has asked Sir John Rose, former Chief Executive of Rolls-Royce plc; James Anderson, Partner and Manager at Baillie Gifford…

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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.

Business Secretary Vince Cable said:

“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.

“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:

“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.

“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.”

Anyone who would like to contribute to the Review can do so by emailing

Notes to editors:

  1. To view the terms of reference of the independent review of the investment in the UK equity markets go to [](

  2. Biographies:

Sir John Rose

Sir John Rose joined Rolls-Royce plc in 1984 and was appointed to its Board of Directors in January 1992, becoming Chief Executive on 1 May 1996. He retired at the end of March 2011.

Sir John is a Fellow of the Institution of Mechanical Engineers and an Honorary Fellow of the Royal Academy of Engineering.

He is a member of the JP Morgan International Council and is a Trustee of the Eden Project.

Sir John was knighted in 2003, became a Commandeur de la Legion d’Honneur in 2008 and was awarded the Singapore Public Service Star in the same year.

Born in Blantyre, Malawi, John earned his MA degree in Psychology from the University of St. Andrews in Scotland.

Sir John is married with three children.

James Anderson

James Anderson is a Partner and Manager of the Scottish Mortgage Investment Trust at Baillie Gifford. He also heads its Long Term Global Growth Team and sits on the Investment Advisory Group

James graduated with a BA in Modern History from Oxford University and after postgraduate study in Italy and Canada, he gained an MA in International Affairs in 1982.

He joined Baillie Gifford in 1983 and became a Partner in 1987. He headed the European Equities Investment Team until July 2003 when he became Head of the Long Term Global Growth Team. He then served as Chief Investment Officer for Baillie Gifford from 2006-2010.

Baillie Gifford is one of the UK’s leading independently owned investment management firms, with assets under management of £74 billion (March 2011). It is owned and run by 36 of its senior executives who operate as a partnership. Baillie Gifford claim this structure provides stability for clients and motivation for employees, and enables the business to be managed with the emphasis on genuine long-term thinking rather than short term targets.

Chris Hitchen**

Chris is Chief Executive of the Railways Pension Trustee Company and its operating company rpmi Ltd, which runs the industry-wide pension arrangement for the UK’s railways. The scheme has assets of £19bn and covers 350,000 people and around 100 employer groups.

Chris also chairs the group’s FSA-authorised investment subsidiary Railpen Investments. Before joining the rail scheme as Chief Investment Officer in 1998, he worked for 12 years as an investment consultant and actuary to a number of UK pension plans.

Chris is the immediate past Chairman of the National Association of Pension Funds (NAPF) and Chairman of the Pensions Quality Mark. Chris is a past Chairman of both the NAPF Investment Council and the Institutional Shareholders Committee.

He is a qualified actuary and holds a Mathematics degree from University of Durham. Chris is also a Trustee member of the National Employment Savings Trust (NEST).

  1. BIS’s online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See []( for more information.

Notes to Editors

Contact Information

Name BIS Press Office Job Title

Division COI Phone




Name Olivia Campbell Job Title

Division Department for Business, Innovation and Skills Phone 020 7215 5363 Fax



Published 3 August 2011