The FRC has announced an increase in the number of signatories to the UK Stewardship Code following the publication of its updated list.
The list now includes successful applicants who submitted their reports at the end of October 2022. The regulator received 105 applications, of which 88 were successful, taking the total number of signatories to 254, up from 235 in September last year. This includes 179 asset managers, 58 asset owners and 17 service providers. The additional signatories bring the total assets under management of the list to £46.4tn ($55.7) up from £40.7tn.
The more diverse range of business models and investment styles among successful applicants is a positive indication of the broader adoption of responsible investment practices across the industry. There was also an encouraging level of re-applications from previously unsuccessful organisations which used the FRC’s feedback to improve how they reported the outcomes and impact they are delivering through effective stewardship.
The FRC noted better reporting in this application cycle, which included disclosure of stewardship activity spanning multiple years, and encourages all signatories to use their report as an opportunity to demonstrate their ongoing progress.
FRC executive director of regulator standards, Mark Babington, said: “Congratulations to the successful signatories to the UK Stewardship Code. It’s great to see returning signatories to the Code provide updates on how they continue to deliver high-quality stewardship activity.
Babington further said: “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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The FRC has stated that will continue to place emphasis on reporting of activities and outcomes for our assessment of reports received in 2023. It further noted that high-quality, informative case studies are expected from all signatories.
The FRC has extended the asset owners’ deadline for submitting annual stewardship reports for the Spring window to 31 May 2023. The deadline will remain 30 April 2023 for asset managers and service providers. For the October 2023 deadline, the FRC will only accept renewal applications from existing signatories.