FRC lists successful signatories to UK Stewardship Code
News types: Generic Announcement
Published: 7 September 2022
The Financial Reporting Council (FRC) has today published the list of signatories to the UK Stewardship Code (the Code) following its Spring 2022 assessment.
Following an extensive review process which considered organisations’ investment styles, sizes and types, 43 new signatories were added, taking the total number of signatories to 236, with assets under management (AUM) of £40.7tn, up from £33.3tn.
The Code sets high standards of stewardship for those investing money on behalf of UK savers and pensioners, and the continued growth in the number of applicants and successful signatories shows the value that investors and their clients and beneficiaries in the UK and beyond give to the Code. This supports the findings of the FRC’s recent report on the impact of the Code on the stewardship practice of asset managers and owners.
It is also encouraging that signatories who were reporting for their second year, having first applied in 2021, had in most cases used the feedback they received to improve their reporting this year. The FRC saw improvements in several areas, such as the quality of activity and outcome reporting for engagement, collaboration and escalation; contributions to addressing market wide and systemic risks and improving the functioning of the financial markets; and reporting on how signatories monitor and hold to account third parties, such as asset managers and service providers.
However, there still needs to be greater emphasis by signatories on reporting their activities and outcomes during the reporting period, using both quantitative and qualitative evidence, as the FRC will increase focus on this area in future assessment updates.
Mark Babington, Executive Director of Regulatory Standards, said:
“I congratulate the new and returning signatories to the UK Stewardship Code. It’s also great to see improvements in how organisations are evidencing their stewardship each year and more tailored explanations on how they apply the Code to demonstrate their stewardship activity and outcomes effectively.
Using our feedback to provide clear, comprehensive and outcome-based reporting is what the spirit of the Code is all about and why it is considered the gold standard for stewardship across the globe.”
The new signatories of the UK Stewardship Code:
Alcentra Ltd.
Allianz Global Investors
Allspring Global Investments
Ardevora Asset Management LLP
BNP Paribas Asset Management
Canada Life Asset Management Limited
Carmignac
Chelverton Asset Management Ltd
Close Brothers Asset Management
Cohen and Steers UK Limited
Columbia Threadneedle Investments
Coupland Cardiff Asset Management LLP
Dodge and Cox
Egerton Capital (UK) LLP
Essex Pension Fund
Hosking Partners LLP
HSBC BANK (UK) PENSION SCHEME
J.P. Morgan Asset Management
Kempen Capital Management
Lansdowne Partners (UK) LLP
London Borough of Hillingdon Pension Fund
Macquarie Asset Management
Mirova
Mondrian Investment Partners
NatWest Group Pension Fund
Nikko Asset Management Ltd.
Nordea Asset Management
Northern Ireland Local Government Officers' Superannuation Committee
Northern Trust Asset Management
Osmosis Investment Management
PGIM Real Estate
Pictet Asset Management
Redwheel
Royal Mail Pension Plan
Somerset Capital Management LLP
St. James's Place
Stonehage Fleming Investment Management Limited UK
Superannuation Arrangements of the University of London (SAUL)
Victory Hill Capital Advisors LLP
Waverton Investment Management
West Yorkshire Pension Fund
William Blair Investment Management, LLC
Wiltshire Pension Fund