Listed company disclosure and financial market transparency: is this a battle worth fighting or merely policy and regulatory mantra?

Reviews the recommendations of the Kay Review concerning corporate disclosure. Details the review's terms of reference for assessing UK equity market performance, and evaluates its conclusions on market transparency and company disclosure, with reference to those concerning quarterly reporting, accounting standards, the use of standard forms of reporting and long-term performance indicators. Discusses the benefits of public dissemination of information on listed companies and argues that the review failed to prioritise disclosure and the improvement of communications for listed companies.