FRC review shows reports are 20% shorter in first year of revised Stewardship Code

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Published: 10 November 2026

The Financial Reporting Council (FRC) has published its first Review of Reporting under the 2026 UK Stewardship Code (the Code). The Review sets out the learnings from the first reports submitted under the updated Code and provides examples of effective reporting from asset owners, managers and service providers that can support signatories preparing to report in 2027.

The review found that signatories have used the flexibility of the 2026 Code to produce more streamlined and reader-friendly reports. Around 70% of reports were shorter than the previous year, with an average reduction in length of 20%. Around a quarter of signatories reporting in Spring took up the option, newly introduced in 2026, to separate their Policy and Context Disclosure from their Activities and Outcomes Report.

Engagement reporting remains an area of strength, with insightful case studies explaining signatories’ contribution to engagements and their progress and outcomes. The review also identifies greater focus on the important role some signatories have in overseeing external managers and service providers in practice as an area to strengthen going forward.

"Signatories have embraced the opportunity the 2026 Code offers to refresh their reporting, and it shows. The strongest reports are streamlined, proportionate and specific, and show clearly the importance of stewardship and why it matters. For the first time this year we have sought to engage a greater number of signatories on their reporting, and we will continue to talk to signatories as the Code is embedded going forward."

Mark Babington, FRC Executive Director of Regulatory Standards

Following the current year of transition to the updated Code, the FRC aims to continue to engage with signatories individually on a three-year rolling basis thereafter, to continue to support quality reporting against the Code.

Read the 2026 Review of Reporting under the UK Stewardship Code.

Register for the FRC’s upcoming webinar about the 2026 Review of reporting.