The Kay Review: Woodford reveals 14 industry bugbears

Asset managers and business leaders including Neil Woodford and Terry Leahy have criticised short-termism among UK investors and warned it is a threat to equity markets.

Woodford, the head of investment at Invesco Perpetual, was responding to a request for submissions for the Kay Review, a report on UK business and markets commissioned by business secretary Vince Cable. The review, authored by Professor John Kay (pictured), aims to look at a range of factors affecting UK equity markets, including short-termism, pay and bonuses, and corporate governance. Woodford has a long list of concerns, including fund manager pay, the use of derivatives, and 'benchmark tyranny'. He highlighted several factors preventing asset managers developing a ‘stewardship’ st...