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FRC holds conference on long termism, stewardship and growth

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17 Jul 2014

The Financial Reporting Council (FRC) today held an investor conference on the changing role of the capital markets in supporting UK economic growth.

The conference (link to FRC website) entitled ‘Long Termism, stewardship and growth: Are markets meeting the challenge’ brought together investors, industry leaders, academics and regulators.  It addressed:

  • how capital markets are, or are not, fostering long-term investment, questioning whether investors are part of the problem or the solution; and
  • the role of equity today and its future, and covered issues of trust and governance of UK companies.

Participants debated whether the UK’s regulatory system is conducive to a flourishing market for risk capital whose dynamic channels funds with economic efficiency.  

The conference was hosted by Sir Win Bischoff, FRC Chairman, who highlighted that long-term investment was the best way to restore trust in the free market system.  He commented:

Our starting point for restoring trust is that the delivery of long-term, sustainable returns to investors – including retail investors saving in ISAs and pensions as well as larger institutions, pension funds and so on - is a powerful demonstration that the system is working as it should.  In turn this will attract more capital to UK markets, allowing companies to expand and thrive

In order to attract this long-term investment and attract more capital to UK markets, Sir Win Bischoff indicated that progress was required in a number of areas which, if made, would allow the market to “win back the support of the public” and would result in “a more prosperous UK corporate sector that delivers long-term growth for investors”.

Other speakers at the conference included the deputy governor of the Bank of England (BoE) Sir Jon Cunliffe who gave a keynote speech and Jacqueline Minor, Head of the European Commission Representation in the UK who provided a European perspective on the debate. 

A press release, transcript of Sir Win Bischoff’s speech and links to transcripts of other speakers are available on the FRC website.

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