Mr. Cable announces Law Commission review of investors’ fiduciary duties

The terms for the Law Commission’s review of fiduciary legal duties of those who manage others’ money, have been unveiled by Business Secretary Vince Cable today.

The Law Commission review will provide greater clarity for institutional investors and advisers as to what they can and should take into account when investing in the best interests of others.

It will seek to address concerns that these duties are too often interpreted as a requirement to maximise short-term returns, rather than to take into account relevant long-term factors. The Law Commission will publish a consultation by autumn 2013, followed by a report with recommendations in 2014.

Today’s announcement is a result of the 2012 Kay Review of equity markets. Kay found that investment in equity markets is driving excessive short-termism in British companies. Continue reading…

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