The Financial Reporting Council (FRC) today published its updated list of UK Stewardship Code signatories. The UK Stewardship Code (the Code) was substantially revised in 2019, and sets high standards of stewardship for those investing money on behalf of UK savers and pensioners.
The new Code took effect from January 2020, focusing on the activities and outcomes of stewardship. It is comprised of a set of 12 ‘apply and explain’ principles, and signatories are required to report annually on their stewardship policies, processes, activities and outcomes for a 12-month reporting period. NILGOSC was successfully named a signatory following the preparation and submission of its inaugural report in 2022, and is very pleased that its second report demonstrated continued efforts and improvements in the stewardship of the Fund’s assets. NILGOSC’s report is available to review at: Stewardship Report 30 June 2022.
Following a rigorous review process which considered organisations’ investment styles, sizes and types, 164 organisations successfully renewed their signatory status following the Spring 2023 application window. Today’s announcement brings the total number of signatories up to 277, representing £44.6 trillion of assets under management.
To remain a signatory, all organisations must continue to improve their reporting as market practice and expectations evolve, and report annually. NILGOSC’s next report, covering the period to 30 June 2023, is due in May 2024.