Miliband backs Kay review on City short-termism

Labour leader Ed Miliband has backed some of the key proposals of the Kay review on City short-termism and called for the reform of company takeover rules, the strengthening of corporate governance and empowering of long-term shareholders.

Among Miliband’s main proposals are abolishing rules forcing companies to produce quarterly company reports, as they encourage short-term profit-making. Another suggestion is to give long-term shareholders a louder voice on a takeover bid by restricting votes to those already holding shares.