UK Stewardship Code archive

Published: 25 September 2023

2 minute read

The first edition of the UK Stewardship Code was published in 2010, with subsequent editions in 2012 and 2020. Learn about how the Code has developed over this period.

UK Stewardship Code 2010

In his report on the governance of banks and other financial institutions, published in November 2009, Sir David Walker recommended that:

  • The FRC’s remit should be extended to cover the development and encouragement of adherence by institutional investors to best practice in stewardship of UK listed companies;
  • the FRC should ratify and regularly review the Code on the Responsibilities of Institutional Investors issued by the Institutional Shareholders’ Committee (ISC) and;
  • that this Code should operate on a 'comply or explain' basis with appropriately independent monitoring.

The FRC consulted in January 2010 on whether it should accept oversight of the ISC Code in its current form or whether changes should be made. The FRC also asked which institutional investors and agents should be encouraged to apply the code, what they should be asked to disclose and to whom, and the monitoring arrangements that should be put in place.

Consultation on a Stewardship Code for Institutional Investors

The first UK Stewardship Code was published in July 2010 along with a report summarizing the actions taken and explain how the Code was intended to operate.

UK Stewardship Code 2010 documents
Name The UK Stewardship Code July 2010
Publication date 2 July 2010
Type Code
Format PDF, 155.6 KB
Name Implementation of the UK Stewardship Code July 2010
Publication date 1 July 2010
Type Guidance
Format PDF, 86.8 KB

UK Stewardship Code 2012

The Code was revised in September 2012 following a consultation. Changes included the clarification of the respective responsibilities of asset managers and asset owners for stewardship, clearer explanations on conflicts of interest and for greater assurance of stewardship activities to be provided.

UK Stewardship Code 2012 documents
Name Feedback Statement UK Stewardship Code - September 2012
Publication date 28 September 2012
Type Feedback paper
Format PDF, 328.7 KB
Name UK Stewardship Code September 2012
Publication date 28 September 2012
Type Code
Notes UK Stewardship Code 2012
Format PDF, 318.6 KB

Tiering of 2012 Stewardship Code Signatories

In 2016 the FRC assessed signatories based on the quality of their Code statements. The tiering distinguished between signatories who reported well and demonstrated their commitment to stewardship, and those where reporting improvements were needed.

The UK Stewardship Code 2012 has now been discontinued and the 2012 Signatory list is no longer active.

UK Stewardship Code 2020

The UK Stewardship Code 2020 was published in October 2019 and took effect on 1 January 2020. The Code was substantially revised and strengthened following a consultation which closed on 29 March 2019.

UK Stewardship Code 2020 documents

UK Stewardship Code 2020 documents

Name Corporate Stewardship Code 2020 Feedback Statement
Publication date 23 October 2019
Format PDF, 544.4 KB

Alongside the consultation, the FRC, jointing with the Financial Conduct Authority (FCA), published a Discussion Paper on the regulatory framework for effective stewardship. The FCA published a feedback statement in response to the feedback received by the FRC, and within the scope of the FCA’s regulatory responsibilities.

To learn more about and read the current edition of the Code visit the main UK Stewardship Code page.