Asset Owners

This is the list of asset owners which have published a statement of commitment to the 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.


Tier 1

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


BAE Systems Pension Funds Investment Management Limited
Bedfordshire Pension Fund
Big Local Trust
British Airways Pensions
British Coal Staff Superannuation Scheme
BT Pension Scheme


Church Commissioners for England 
Church of England Pensions Board 
Cumbria Local Government Pension Scheme 
Cummins UK Pension Plan Trustee Ltd


DHL Trustees Limited


East Riding Pension Fund
Environment Agency Active Pension Fund 
Ethos Foundation


Greater Manchester Pension Fund 


Jaguar Land Rover Pension Trustees Limited
Joseph Rowntree Charitable Trust 


Lancashire County Pension Fund 
Lincolnshire Pension Fund  
London CIV
Lothian Pension Fund 


Marks and Spencer Pension Scheme
Merchant Navy Ratings Pension Fund Trustees Limited
Mineworkers' Pension Scheme
MNOPF Trustees Limited
Murray Income Trust PLC 


NFU Mutual
North East Scotland Pension Fund
Northern Ireland Local Government Officers' Superannuation Committee


One Family
Ontario Teachers’ Pension Plan 


Partners Capital
Pension Protection Fund 
Pilkington Superannuation Scheme
Premier Portfolio Managers Limited 


Railways Pension Trustee Company Limited
RBS Pension Trustee Limited
Royal Mail Pension Plan 


Staffordshire Pension Fund
Strathclyde Pension Fund 
South Yorkshire Pensions Authority
Superannuation Arrangements of the University of London (SAUL) 


The Barclays Bank UK Retirement Fund
The BBC Pension Trust Ltd
The Co-operative Pension Scheme (Pace) 
The Pensions Trust
The Wellcome Trust
Towers Watson Pension Scheme 
The Tyne and Wear Pension Fund 


UNISON Staff Pension Scheme
Universities Superannuation Scheme (USS) 


Warwickshire County Council Pension Fund
Wesleyan Assurance Society 
West Midlands Pension Fund
Whitbread Group Pension Fund
Wiltshire Pension Fund