Stewardship Code Consultation

Published: 11 November 2024

Response deadline: 19 February 2025

Consultation document
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Title Stewardship Code Consultation (2024)
Format pdf, 462.2 KB

Overview

The UK Stewardship Code promotes improved transparency, disclosure and accountability in the stewardship eco-system. The Code allows investor reporting to be assessed by the FRC as an independent and impartial body to maintain standards. It has a strong reputation both domestically and internationally for supporting high-quality stewardship.

The FRC committed to review the Code once the 2020 Code had been in operation for a few years. We launched a public consultation on our proposed revisions to the Code, which ran from 11 November 2024 to 19 February 2025.

The proposals in this consultation stem from engagement with more than 1500 stakeholders during 2024 and are underpinned by four years of analysing and reviewing reporting against the 2020 Code.

The proposed changes do not place onerous reporting burdens on signatories. They included:

  • Amending the definition of stewardship to support more transparent conversations between actors in the investment chain about their investment beliefs and objectives, while being sufficiently broad to be applicable to signatories across the investment chain and different asset classes.
  • Streamlining the Principles with more concise reporting prompts to help concentrate reporting on the most insightful areas of reporting, while reducing the volume.
  • Tailoring the Service Provider Principles to include some that are dedicated to proxy advisors and investment consultants respectively.
  • For the first time, issuing guidance to support signatories in demonstrating how they have implemented stewardship throughout the year.
  • Introducing Policy and Context disclosures to be updated only as necessary.
  • Testing whether the updated Code could better enable signatories to use cross-referencing to disclosures they make to meet other requirements or frameworks to support their reporting against the Code.

The Consultation Paper included:

  • Appendix A: Full list of consultation questions;
  • Appendix B: Proposed updated UK Stewardship Code;
  • Appendix C: Mapping of updated UK Stewardship Code and 2020 Principles; and
  • Appendix D: Sample guidance for a Principle

Supporting documents
Name Stewardship Code summary of proposals
Publication date 20 November 2024
Format PDF, 1.5 MB

Roundtables

The FRC held a series of roundtable discussions throughout the consultation period for stakeholders to share their view on the proposals.

The events were primarily designed for current or prospective signatories to the Code, but other interested stakeholders were welcomed.

Feedback statement

The FRC has published the feedback statement following the conclusion of our consultation on the UK Stewardship Code. We received 182 responses from a wide range of stakeholders, and we are grateful to all the organisations and individuals who took the time to engage with us and share their views.

For more information about the new code, visit our UK Stewardship Code 2026 page.

Documents
Name Feedback statement - UK Stewardship Code 2026
Publication date 3 June 2025
Type Feedback paper
Format PDF, 287.3 KB

Consultation responses

Responses received
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Title 000 7IM response to UK Stewardship Code Consultation
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Title 001 Advisory, Conciliation and Arbitration Service (Acas) response to UK Stewardship Code Consultation
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Title 002 Aegon UK response to UK Stewardship Code Consultation
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Title 003 Allianz Global Investors GmbH response to UK Stewardship Code Consultation
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Title 004 Alternative Investment Management Association (AIMA) response to UK Stewardship Code Consultation
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Title 005 Amundi response to UK Stewardship Code Consultation
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Title 006 Asset Owner Council response to UK Stewardship Code Consultation
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Title 007 Association of Chartered Certified Accountants (ACCA) response to UK Stewardship Code Consultation
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Title 008 Association of Consulting Actuaries response to UK Stewardship Code Consultation
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Title 009 Association of Financial Mutuals response to UK Stewardship Code Consultation
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Title 010 Association of Investment Companies (AIC) response to UK Stewardship Code Consultation
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Title 011 Association of Pension Lawyers response to UK Stewardship Code Consultation
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Title 012 Association of Real Estate Funds response to UK Stewardship Code Consultation
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Title 013 Association of British Insurers response to UK Stewardship Code Consultation
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Title 014 Audit Committee Chairs’ Independent Forum response to UK Stewardship Code Consultation
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Title 015 Australian Council of Superannuation Investors response to UK Stewardship Code Consultation
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Title 016 AustralianSuper response to UK Stewardship Code Consultation
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Title 017 Barings response to UK Stewardship Code Consultation
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Title 018 Best Practice Principles Oversight Committee (BPP) response to UK Stewardship Code Consultation
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Title 019 BlackRock Investment reponse to UK Stewardship Code Consultation
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Title 020 BNP Paribas Asset Management response to UK Stewardship Code Consultation
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Title 021 Border To Coast response to UK Stewardship Code Consultation
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Title 022 Brickwood Asset Management response to UK Stewardship Code Consultation
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Title 023 Brunel Pension Partnership response to UK Stewardship Code Consultation
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Title 024 BVCA response to UK Stewardship Code Consultation
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Title 025 Canbury Insights Limited response to UK Stewardship Code Consultation
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Title 026 CANDRIAM response to UK Stewardship Code Consultation
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Title 027 Carmignac response to UK Stewardship Code Consultation
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Title 028 CBRE Investment Management response to UK Stewardship Code Consultation
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Title 029 CFA Institute response to UK Stewardship Code Consultation
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Title 030 CFA UK response to UK Stewardship Code Consultation
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Title 031 Chartered Governance Institute response to UK Stewardship Code Consultation
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Title 032 Chartered IIA response to UK Stewardship Code Consultation
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Title 033 Chelverton response to UK Stewardship Code Consultation
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Title 034 Church of England Pensions Board response to UK Stewardship Code Consultation
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Title 035 ClientEarth response to UK Stewardship Code Consultation
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Title 036 Close Brothers Asset Management response to UK Stewardship Code Consultation
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Title 037 ComteamPUB Plus response to UK Stewardship Code Consultation
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Title 038 Confederation of British Industry (CBI) response to UK Stewardship Code Consultation
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Title 039 Dimensional Fund Advisors response to UK Stewardship Code Consultation
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Title 040 Dionysia Katelouzou response to UK Stewardship Code Consultation
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Title 041 Dr Suren Gomtsian LSE Law School response to UK Stewardship Code Consultation
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Title 042 East Sussex Pension Fund response to UK Stewardship Code Consultation
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Title 043 EdenTree Investment Management response to UK Stewardship Code Consultation
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Title 044 EIRIS Foundation response to UK Stewardship Code Consultation
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Title 045 EQ Investors response to UK Stewardship Code Consultation
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Title 046 Equiniti Group response to UK Stewardship Code Consultation
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Title 047 Esgaia response to UK Stewardship Code Consultation
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Title 048 Essex Pension Fund response to UK Stewardship Code Consultation
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Title 049 Federated Hermes Limited response to UK Stewardship Code Consultation
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Title 050 Fidelity International response to UK Stewardship Code Consultation
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Title 051 First Sentier Investors response to UK Stewardship Code Consultation
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Title 052 Forvis Mazars response to UK Stewardship Code Consultation
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Title 053 Friends Provident Foundation response to UK Stewardship Code Consultation
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Title 054 Fulcrum Asset Management response to UK Stewardship Code Consultation
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Title 055 GC100 response to UK Stewardship Code Consultation
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Title 056 Generation Investment Management response to UK Stewardship Code Consultation
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Title 057 Glass Lewis response to UK Stewardship Code Consultation
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Title 058 GMO LLC response to UK Stewardship Code Consultation
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Title 059 Grant Thornton response to UK Stewardship Code Consultation
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Title 060 Gresham House response to UK Stewardship Code Consultation
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Title 061 Guy Jubb response to UK Stewardship Code Consultation
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Title 062 Herald Investment Trust plc response to UK Stewardship Code Consultation
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Title 063 High Pay Centre response to UK Stewardship Code Consultation
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Title 064 HSBC Bank (UK) Pension Scheme response to UK Stewardship Code Consultation
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Title 065 Hymans Robertson response to UK Stewardship Code Consultation
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Title 066 ICGN response to UK Stewardship Code Consultation
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Title 067 ICSWG - Investment consultants sustainability working group response to UK Stewardship Code Consult
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Title 068 IFM Investors response to UK Stewardship Code Consultation
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Title 069 IIGCC response to UK Stewardship Code Consultation
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Title 070 Impax Asset Management response to UK Stewardship Code Consultation
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Title 071 InfluenceMap response to UK Stewardship Code Consultation
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Title 072 Institute and Faculty of Actuaries response to UK Stewardship Code Consultation
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Title 073 Investment Association response to UK Stewardship Code Consultation
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Title 074 Investor Forum response to UK Stewardship Code Consultation
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Title 075 Investor Relations Society response to UK Stewardship Code Consultation
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Title 076 Isio response to UK Stewardship Code Consultation
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Title 077 ISS response to UK Stewardship Code Consultation
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Title 078 J O Hambro Capital Management Limited response to UK Stewardship Code Consultation
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Title 079 J.P. Morgan Asset Management response to UK Stewardship Code Consultation
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Title 080 James Hambro & Partners response to UK Stewardship Code Consultation
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Title 081 John Ellerman Foundation response to UK Stewardship Code Consultation
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Title 082 Jupiter Asset Management Limited response to UK Stewardship Code Consultation
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Title 083 Law Society of Scotland response to UK Stewardship Code Consultation
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Title 084 LCP response to UK Stewardship Code Consultation
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Title 085 LGT Wealth Management response to UK Stewardship Code Consultation
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Title 086 Lincolnshire Pension Fund response to UK Stewardship Code Consultation
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Title 087 Local Pensions Partnership Investments Ltd response to UK Stewardship Code Consultation
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Title 088 London CIV response to UK Stewardship Code Consultation
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Title 089 London Pensions Fund Authority response to UK Stewardship Code Consultation
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Title 090 Lothian Pension Fund response to UK Stewardship Code Consultation
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Title 091 M&G Investments response to UK Stewardship Code Consultation
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Title 092 Manulife Investment Management response to UK Stewardship Code Consultation
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Title 093 Marsh McLennan response to UK Stewardship Code Consultation
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Title 094 Martin Currie response to UK Stewardship Code Consultation
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Title 095 Minerva Analytics response to UK Stewardship Code Consultation
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Title 096 MM & K Limited response to UK Stewardship Code Consultation
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Title 097 Morningstar Sustainalytics response to UK Stewardship Code Consultation
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Title 098 Nest Corporation response to UK Stewardship Code Consultation
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Title 099 Neta response to UK Stewardship Code Consultation
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Title 100 Neuberger Berman response to UK Stewardship Code Consultation
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Title 101 Nikko Asset Management response to UK Stewardship Code Consultation
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Title 102 Norges Bank Investment Management response to UK Stewardship Code Consultation
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Title 103 North Peak Advisory response to UK Stewardship Code Consultation
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Title 104 Northern Ireland Local Government Officers’ Superannuation Committee response to UK Stewardship Cod
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Title 105 NOWPensions response to UK Stewardship Code Consultation
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Title 106 Ownership Capital response to UK Stewardship Code Consultation
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Title 107 Parliamentary Contributory Pension Fund (PCPF) response to UK Stewardship Code Consultation
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Title 108 Pension Protection Fund response to UK Stewardship Code Consultation
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Title 109 Pensions for Purpose response to UK Stewardship Code Consultation
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Title 110 People's Partnership response to UK Stewardship Code Consultation
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Title 111 Personal Investment Management & Financial Advice Association (PIMFA) response to UK Stewardship Code Consultation
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Title 112 PGIM response to UK Stewardship Code Consultation
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Title 113 Phoenix Group response to UK Stewardship Code Consultation
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Title 114 PIRC response to UK Stewardship Code Consultation
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Title 115 PLSA response to UK Stewardship Code Consultation
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Title 116 PRI response to UK Stewardship Code Consultation
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Title 117 Prof. Ioannis Ioannou LBS response to UK Stewardship Code Consultation
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Title 118 Quilter response to UK Stewardship Code Consultation
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Title 119 Quoted Companies Alliance (QCA) response to UK Stewardship Code Consultation
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Title 120 Railpen response to UK Stewardship Code Consultation
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Title 121 Rathbones Investment Management response to UK Stewardship Code Consultation
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Title 122 Redington response to UK Stewardship Code Consultation
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Title 123 Redwheel response to UK Stewardship Code Consultation
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Title 124 Richard Burrett (Cambridge Institute for Sustainability Leadership) response to UK Stewardship Code
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Title 125 Robeco response to UK Stewardship Code Consultation
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Title 126 Rothschild & Co Wealth Management UK response to UK Stewardship Code Consultation
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Title 127 Royal London Mutual Insurance Society response to UK Stewardship Code Consultation
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Title 128 Sage Group response to UK Stewardship Code Consultation
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Title 129 Sarasin&Partners response to UK Stewardship Code Consultation
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Title 130 SAUL Trustee Company response to UK Stewardship Code Consultation
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Title 131 Schroders response to UK Stewardship Code Consultation
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Title 132 Scottish Widows response to UK Stewardship Code Consultation
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Title 133 ShareAction response to UK Stewardship Code Consultation
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Title 134 ShareSoc response to UK Stewardship Code Consultation
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Title 135 Smart Pension Master Trust response to UK Stewardship Code Consultation
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Title 136 St. James's Place response to UK Stewardship Code Consultation
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Title 137 StepStone Group response to UK Stewardship Code Consultation
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Title 138 SuMi Trust Asset Management response to UK Stewardship Code Consultation
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Title 139 T. Rowe Price International Ltd response to UK Stewardship Code Consultation
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Title 140 The Association of Member Nominated Trustees (AMNT) response to UK Stewardship Code Consultation
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Title 141 The Barrow Cadbury Trust response to UK Stewardship Code Consultation
Format pdf, 75.0 KB
Title 142 The Corporate Reporting Users’ Forum (CRUF) response to UK Stewardship Code Consultation
Format pdf, 113.5 KB
Title 143 The Institute of Chartered Accountants of Scotland (ICAS) response to UK Stewardship Code Consultation
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Title 144 The Shareholder Commons response to UK Stewardship Code Consultation
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Title 145 TheCityUK response to UK Stewardship Code Consultation
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Title 146 TPT Investment Management response to UK Stewardship Code Consultation
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Title 147 Trades Union Congress (TUC) response to UK Stewardship Code Consultation
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Title 148 Trinetra Investment Management LLP response to UK Stewardship Code Consultation
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Title 149 Tyne and Wear Pension Fund response to UK Stewardship Code Consultation
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Title 150 UK Shareholders’ Association response to UK Stewardship Code Consultation
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Title 151 UKSIF response to UK Stewardship Code Consultation
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Title 152 USS response to UK Stewardship Code Consultation
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Title 153 Vanguard response to UK Stewardship Code Consultation
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Title 154 Wales Pension Partnership response to UK Stewardship Code Consultation
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Title 155 WeeFin response to UK Stewardship Code Consultation
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Title 156 West Midlands Pension Fund response to UK Stewardship Code Consultation
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Title 157 WHEB Asset Management response to UK Stewardship Code Consultation
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Title 158 XPS Investments response to UK Stewardship Code Consultation
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Consultation status: closed