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FRC Appoints Stewardship Head, Announces Code Signatories

The UK’s Financial Reporting Council (FRC) has promoted Andrea Tweedie to Head of Stewardship, replacing Claudia Chapman, who announced her departure recently. Tweedie had served as Acting Head of Stewardship while Chapman was seconded to the Financial Conduct Authority, and was previously a Senior Manager for Stewardship at the FRC. In her new role, she will lead on stewardship policy development and the assessment of UK Stewardship Code applicants. The FRC also announced there are now 277 signatories of the code, up from 254 in February and 235 last September. While 164 organisations renewed their status in the Spring 2023 application window, a total of 27 new organisations were added to the list of signatories, which now consists 189 asset managers, 69 asset owners and 19 service providers, representing £44.6 trillion assets under management. The FRC said it was pleased to see a growth in assets other than listed equities covered by the code, and “continued progress in the reporting of stewardship activities and outcomes by signatories”. Both the code and the broader UK regulatory framework for stewardship are due to be reviewed before the end of the year. The strengthened Stewardship Code encourages signatories to deliver long-term value for clients and beneficiaries in a way that is aligned with their business model and strategy,” said Mark Babington, Executive Director of Regulatory Standards.

 

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