This is the list of asset managers which have published a statement of commitment to the 2012 UK Stewardship Code. Please note that inclusion on this list does not mean formal endorsement by the FRC of an institution's compliance with the Code. The purpose of the statements is to enable the market to judge the level of commitment and to provide a basis for discussion with relevant parties.
This list does not include organisations which have informed us that they wish to explain their alternative investment strategy rather than commit to the Code, or organisations which have informed us that they have produced a policy statement but do not wish to be included in this list.
In 2016 the FRC assessed signatories to the UK Stewardship Code based on the quality of their Code statements. This work was undertaken to improve the quality of reporting against the Code, encourage greater transparency in the market and maintain the credibility of the Code. Tiering distinguishes between signatories who report well and display their commitment to stewardship, and those where reporting improvements are necessary. The tiering exercise has improved the quality of reporting against the Code, promoted best practice and resulted in greater transparency in the UK market. The majority of signatories significantly improved their statements, but some remained in Tier 3, meaning their reporting required significant improvement. These asset managers were given a period of time to improve their reporting or be removed from the list of Code signatories. The Tier 3 category has now been removed. To encourage continuous improvement the FRC will continue to work with signatories to improve their reporting.