Network for Sustainable Financial Markets has posted a new item, ‘Final Report of the Kay Review Launched Today – read the NSFM response; Rob Lake on getting serious about long-term responsible investment; Andrew Clearfield on corporate misbehaviour‘
Later on today (23 July) Professor John Kay will be launching the final report of his Review of UK Equity Markets and Long-Term Decision Making.
Back in November, 2011 NSFM participants and directors responded to the call for contributions to the Review. The NSFM paper has recently been circulated via the Social Science Research Network, and we thought it was timely to re-circulate it here too. Follow this link.
The final report will be launched in London at the Royal Society for the encouragement of Arts, Manufactures and Commerce this afternoon from 4pm.
Staying with the theme of long-termism, Rob Lake, Director of Responsible Investment at the UN Principles for Responsible Investment, and NSFM Participant has recently published and article in Responsible Investor entitled: ?This time it has got to be different ? why responsible investment needs to get seriously long-term?
Rob looks at the challenge and the response concluding that the ?agenda calls for a whole new level of vision and courage from the responsible investment community.?
One possible explanation for the fact that the scandals keep coming ?is that banks have now grown so large and complex that no one can adequately manage them. Another is that personal morality throughout our society has become so weakened that more and more individuals feel that they can cheat without getting caught. A third is that the industry as a whole has become hopelessly corrupted by the markets? attitude that anything goes so long as investors can make a fast buck from a bump in corporate profits, no matter how ephemeral this may prove to be. (And lest the bankers feel unfairly singled out, I must add that scandals of this same general type are by no means limited to the financial services industry.) There is a common thread running through all of these possible explanations: the collapse of unique corporate cultures.?
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