'No doubt': Business bashing sends companies private

The backlash against big business could accelerate the number of listed companies quitting public stock exchanges and boost private takeovers, robbing small shareholders of investment choices, corporate leaders warn.

PwC chief executive Luke Sayers told the Financial Review Business Summit on Tuesday that politicians and regulators must be careful not to overreact to the public's mistrust of business – exposed by the royal commission into financial services and business bashing in Canberra.