The Financial Reporting Council (FRC) published a list of successful signatories to the UK Stewardship Code 2020 (the Code) yesterday. The Code sets high standards of stewardship for those investing money on behalf of UK savers and pensioners, and applies to asset managers, asset owners and service providers.
The Code was substantially revised in 2019 and the new UK Stewardship Code took effect from January 2020. The new Code focuses on the activities and outcomes of stewardship, and is comprised of a set of 12 ‘apply and explain’ principles, covering topics across governance, investment approach and engagement. NILGOSC’s report is available to review at: Stewardship Report 30 June 2021.
Following a rigorous review process which considered organisations’ investment styles, sizes and types, two-thirds of all new applications (43) made the list, of which NILGOSC is very pleased to be one of the cohort of new signatories. Yesterday’s announcement brings the total number of signatories up to 236, representing £40.7 trillion of assets under management.
To remain signatories, all organisations will need to continue to improve their reporting as market practice and expectations evolve, and continue to report annually. NILGOSC’s next report, covering the period to 30 June 2022, is due in April 2023.