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UK Stewardship Code

The UK Stewardship Code aims to enhance the quality of engagement between asset managers and companies to help improve long-term risk-adjusted returns to shareholders. The Code also describes steps asset owners can take to protect and enhance the value that accrues to the ultimate beneficiary. The Code sets out a number of areas of good practice to which the FRC believes institutional investors should aspire and operates on a 'comply or explain' basis. The FCA requires UK authorised asset managers to report on whether or not they apply the Code.

 The UK Stewardship Code

First published in  July 2010, the Code was revised in September 2012. We encourage all signatories to review their policy statements once the Code comes in to effect from 1 October 2012, with a view to producing an updated statement as soon as is practical.

The  Feedback Statement details the changes to the 2012 Code and explains the rationale for the amendments. The original consultation document issued in April 2012 and its responses can be viewed here.

Printed copies of the Code can be obtained free of charge from FRC publications, tel: 020 8247 1264, email: and online at:

Implementation of the UK Stewardship Code

Organisations wishing formally to notify the FRC that they have published a statement should email 

Details of all signatories, with links to the statements on their websites are available here.  Related documents relevant to the Stewardship Code, such as guidance produced by other organisations for their members on how to implement the Code, can be found here.

There is no fee payable to become a signatory to the Stewardship Code. Where an organisation does not have a public website, the FRC can host a copy of their statement in pdf form on the FRC website free of charge. If you wish to discuss this, please contact us via  

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The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 5th Floor Aldwych House, 71-91 Aldwych, London WC2B 4HN

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