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For immediate release: Thursday 26 May 2005
IMAs TRACK RECORD GROWS BUT MORE TO BE DONE
Speaking at the Investment Management Association's AGM Dinner last night, outgoing IMA Chairman Lindsay Tomlinson, reflected on the magnificent seven achievements which have contributed to IMAs growing track record.
Mr. Tomlinson commented on major issues such as CP176, retention of ISA limits and the increasing corporate governance requirements on fund managers, stating, with respect to the latter:
The UK does have the best corporate governance regime in the world. By and large the institutions are engaged owners, and the creation of the Institutional Shareholders Committee Statement of Principles has headed off legislation which would have been very difficult to get right.
Mr. Tomlinson also commented on two major issues which will affect the industry going forward; the need to raise the industrys game at an EU level and ensuring that the industry is fully engaged in the UK pensions debate.
The investment management industry will need to continue to work collectively and to engage policymakers. Like it or not, we are of considerable political interest. We operate as the interface between investors and issuers and are heavily involved in the operation of capital markets. In market based economies our activities are bound to attract scrutiny. Everywhere one looks, there are discussions at which fund managers need to be involved.
So we need to engage. If we dont we leave a vacuum which others will fill. And we cant then complain if we dislike the results. So, for us, the price of liberty is eternal vigilance.
The full text of Lindsay Tomlinsons speech is attached.
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