The UK Financial Reporting Council (FRC) has confirmed it has renewed the stewardship code signatory status of 81 organisations, with one new applicant joining. This took the total number of signatories to 273, comprising 188 asset managers, 66 asset owners and 19 service providers, who together represent £43.3 trillion in assets under management. The number of signatories has been consistently on the rise, from 235 in 2022, to 254 in February 2023 and 277 in the most recent update last September – although that number has now decreased marginally by four. The stewardship code aims to enhance engagement quality between investors and companies, with a view to improve long-term returns to shareholders and the efficient exercise of governance responsibilities. The FRC has committed to reassess the code this year, in what CEO Richard Moriarty said would be a “fundamental review” following updates to the corporate governance code at the end of last month. The FRC has also issued a document collating previously published guidance to aid code applicants and signatories prepare “fair, balanced and understandable” reports this year. The resource offers recommendations to help organisations produce stewardship reports demonstrating how they have applied the Code’s principles across areas such as investment research, decision-making, monitoring, engagement, and exercising voting rights.
Today the FRC published the list of signatories to the UK Stewardship Code following its October 2023 assessment. The full signatory list is available on our website and includes 188 asset managers, 66 asset owners and 19 service providers: https://t.co/8svvfV8k7X #stewardship pic.twitter.com/vQpJFaHsRB
— Financial Reporting Council (@FRCnews) February 21, 2024
