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The Financial Reporting Council (FRC) has announced a record number of successful signatories to the UK Stewardship Code following the latest round of applications.
The council has revealed that there are now 277 signatories to the code, representing £44.6tn worth of assets under management.
This includes 189 asset managers, 69 asset owners and 19 service providers. While 27 organisations have been added to the signatory list, 164 organisations have successfully renewed their signatory status following the spring 2023 application window.
According to the FRC, the strength of the principles-based and flexible nature of the code is “evidenced by growth of the signatory list to date”, which includes a wide range of organisations by size, asset class and strategy.
The FRC is pleased to see continued growth in the assets other than listed equity covered by the code, as well as the continued progress in the reporting of stewardship activities and outcomes by signatories, for example, in improving the board diversity at investee companies and improved disclosure related to climate change and biodiversity.
The council also welcomed the announcement that Andrea Tweedie has been appointed as the FRC’s new head of stewardship after acting as the interim head of stewardship.
In this role, Tweedie will lead on stewardship policy development and the assessment of the UK Stewardship Code applicants, ensuring that the council continues to promote best practices in stewardship across the investment chain.
Mark Babington, executive director of regulatory standards at FRC, said: “It is great to see a further increase in the number of signatories to the code, alongside the overall quality of reporting continuing to improve.
“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.”
He added: “Congratulations to Andrea on her appointment to the role of head of stewardship, where she will continue to ensure that our code continues to develop in a way that is responsive to the needs of investors.”
Tweedie added: “I look forward to continuing to work with the broad range of partners we engage with in further raising the bar for stewardship reporting in the UK, helping to deliver sustainable benefits for the economy, environment, and society as whole.”
