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U.K.’s Cable Says He’ll Fight Mandatory Quarterly Reporting

Nov. 22 (Bloomberg) -- U.K. Business Secretary Vince Cable said he’ll work to change European Union rules requiring companies to submit quarterly performance statements, arguing they encourage short-term thinking.

Responding to a July report he commissioned from the economist John Kay into the equity market, Cable also supported aligning fund managers’ pay with the interests of investors to create incentives to deliver absolute returns rather than tracking the market.

“Faced with the need to deliver short-term performance, active asset managers will have an incentive to focus on what the market is doing, seeking to outperform other asset managers rather than to engage with companies to understand and foster the creation of value,” Cable said in a speech to the National Association of Pension Funds in London today. “So pension schemes and other asset holders need to issue clear mandates for active asset managers.”

In his report, Kay, a visiting professor at the London School of Economics, said investors should act as “stewards” of a small number of selected stocks over a long period, encouraging them to take a deeper interest in the companies.

To contact the reporter on this story: Robert Hutton in London at

To contact the editor responsible for this story: James Hertling at

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