Asset Owners

This is the list of asset owners 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.

Asset owner signatories have been categorised in two tiers.

Signatories provide a good quality and transparent description of their approach to stewardship and explanations of an alternative approach where necessary.


Aberdeen Japan Investment Trust PLC
Aberdeen New Dawn Investment Trust PLC
Aberdeen UK Tracker Trust PLC
Alliance Trust PLC
Aviva UK
Avon Pension Fund (PDF)


BAE Systems Pension Funds Investment Management Limited
The Barclays Bank UK Retirement Fund (PDF)
The BBC Pension Trust Ltd
Bedfordshire Pension Fund (PDF)
Big Local Trust
Border to Coast Pension Partnership
British Airways Pensions (PDF)
British Coal Staff Superannuation Scheme (PDF)
BT Pension Scheme


Church Commissioners for England 
Church of England Pensions Board
City of London Corporation 
Clwyd Pension Fund (PDF)
The Co-operative Pension Scheme (Pace)
Cumbria Local Government Pension Scheme 
Cummins UK Pension Plan Trustee Ltd (PDF)


Derbyshire County Council Pension Fund 
Devon Pension Fund
DHL Trustees Limited (PDF)


East Riding Pension Fund (PDF)
East Sussex Pension Fund ​
Environment Agency Active Pension Fund 
Ethos Foundation


Greater Manchester Pension Fund 


Hampshire Pension Fund


Jaguar Land Rover Pension Trustees Limited
Joseph Rowntree Charitable Trust  (PDF)


Lancashire County Pension Fund  (PDF)
LGPS Central Ltd (PDF)
Lincolnshire Pension Fund  
Local Pensions Partnership
London Borough of Camden Pension Fund (PDF)
London Borough of Hackney Pension Fund (PDF)
London Borough of Haringey Pension Fund (PDF)
London CIV
London Pensions Fund Authority (PDF)
Lothian Pension Fund  (PDF)


Marks and Spencer Pension Scheme
Methodist Ministers Pension Scheme  (PDF)
Merchant Navy Ratings Pension Fund Trustees Limited (PDF)
Mineworkers' Pension Scheme (PDF)
MNOPF Trustees Limited (PDF)
Murray Income Trust PLC 


NFU Mutual
North East Scotland Pension Fund
Northern Ireland Local Government Officers' Superannuation Committee (PDF)
North Yorkshire Pension Fund


One Family
Ontario Teachers’ Pension Plan 


Partners Capital (PDF)
Pension and Assurance Scheme for Lay Employees of the Methodist Church (PDF)
Pension Protection Fund  (PDF)
Pilkington Superannuation Scheme (PDF)
Premier Portfolio Managers Limited 


RPMI Railpen
RBS Pension Trustee Limited (PDF)
Royal Mail Pension Plan 


Shropshire County Pension Fund
St James’s Place Wealth Management Plc
Staffordshire Pension Fund
Strathclyde Pension Fund 
South Yorkshire Pensions Authority
Superannuation Arrangements of the University of London (SAUL)  (PDF)


Towers Watson Pension Scheme  (PDF)
TPT Retirement Solutions
The Tyne and Wear Pension Fund 


UNISON Staff Pension Scheme (PDF)
Universities Superannuation Scheme (USS)  (PDF)


Warwickshire County Council Pension Fund (PDF)
The Wellcome Trust (PDF)
Wesleyan Assurance Society 
West Midlands Pension Fund
West Yorkshire Pension Fund 
Whitbread Group Pension Fund (PDF)
Wiltshire Pension Fund
Worcestershire County Council Pension Fund