Top investors, including Morley Fund Management, on Wednesday called for greater shareholder involvement in the appointment of auditors to reduce concerns of market concentration in the hands of the "Big Four" accountancy firms.
Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers currently audit 97 percent of the FTSE 350, a government report said in April.
The report, which was commissioned by the Department of Trade and Industry and the Financial Reporting Council (FRC), the accountancy watchdog, found that many large listed companies in the UK said they had an effective choice of just two or three audit firms and some, notably banks and insurance firms, said they had no choice at all.
In their response to the report's findings, which were published on Wednesday, top investors said they should have a greater say in the selection of auditors.
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