UK Stewardship Code
Stewardship Code applications for the first list of signatories closed on 31 March 2021 for asset managers and service providers and 30 April 2021 for asset owners. Applications received after this date will be processed following the next application deadline, 31 October 2021.
The UK Stewardship Code
The UK Stewardship Code 2020 sets high stewardship standards for those investing money on behalf of UK savers and pensioners, and those that support them.
Stewardship is the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.
The Code applies to:
- Asset owners such as pension schemes, insurers, foundations, endowments, local government pension pools and sovereign wealth funds.
- Asset managers who manage assets on behalf of UK clients or invest in UK assets.
- Service providers such as investment consultants, proxy advisors, data and research providers that support asset owners and asset managers to exercise their stewardship responsibilities.
The Code comprises a set of 12 ‘apply and explain’ Principles for asset managers and asset owners, and a separate set of six Principles for service providers. More about the Code and guidelines for reporting
on the Code.
Become a signatory
To become a signatory to the Code, organisations must submit to the FRC a Stewardship Report explaining how they have applied the Code’s Principles in the previous 12 months. The report may cover any 12-month period beginning after 1 January 2020. The FRC will assess the report and if it meets our reporting expectations, the organisation will be listed as a signatory to the Code.
To be included in the first list of signatories, organisations must submit a final
report to the FRC by 31 March 2021 for asset managers and service providers, and 30 April 2021 for asset owners covering the period 1 January 2020 – 31 December 2020. More about how to become a signatory
Organisations following different reporting periods can apply later in the year to become a signatory to the Code. Once listed, organisations must annually report to remain signatories.
Review of early reporting to the Stewardship Code
The FRC published a Review of Early Reporting
to the Stewardship Code which highlights expectations for the Principles and provides examples of effective reporting.
The Stewardship Code 2012
The Stewardship Code 2012 was closed to new applicants on 31 December 2019. Organisations will remain signatories to the UK Stewardship Code until the first list of signatories to the 2020 Code is published in the summer 2021. At this point, the list of 2012 signatories will be archived.