IMA's Saunders: My issues with the Kay Review

The Kay report is a cracking read. I would recommend Chapter 1 to anyone - as cogent an account of UK corporate failures (and successes) over the last 30 years that you will find anywhere. It certainly left me contemplating the folly that can be wrought by a combination of ego and of transaction-driven advice. Likewise, the centrepiece of the report is a series of good practice statements for asset managers, asset holders and company directors which encapsulate well their respective roles and responsibilities. There is a lot of good sense here. But I do have some issues, most notably ...