Asset Owners Among new UK Stewardship Code Signatories

The UK’s Financial Reporting Council (FRC) has announced a raft of new signatories to the UK Stewardship Code, which includes several asset owners. The code’s signatories list now include successful applicants which submitted their reports at the end of October 2022, with 88 of the 105 applications received by the regulator being approved. More than three in ten (31%) of these successful applications were from asset owners, who included Avon Pension Fund, Nest and Scottish Widows. This takes the total number of UK Stewardship Code signatories to 254, an increase from 235 in September. The FRC noted that the “more diverse range” of business models and investment styles from successful applicants offers a positive indication of the broader adoption of responsible investment practices across the industry. First-time asset owner signatories in 2023 include the Bedfordshire Pension Fund, Clwyd Pension Fund, Cornwall Pension Fund, East Sussex Pension Fund, Royal London Mutual Insurance, and Smart Pension Master Trust. Mark Babington, Executive Director of Regulatory Standards, said: “It’s great to see returning signatories to the Code provide updates on how they continue to deliver high-quality stewardship activity. It is also pleasing to see previously unsuccessful applicants using the FRC’s feedback to improve their reporting and become signatories. 

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