FRC lists successful signatories to the UK Stewardship Code
News types: Codes and Standards Announcements
Published: 6 September 2021
Today the Financial Reporting Council (FRC) published a list of successful signatories to the UK Stewardship Code (the Code) which sets high standards of stewardship for those investing money on behalf of UK savers and pensioners. The successful applicants better demonstrated their commitment to stewardship - which is very important as we emerge from the pandemic and address significant environmental and social challenges by investing for a sustainable future.
Following a rigorous review process which considered organisations’ investment styles, sizes and types, two-thirds of all applications (125) made the list. This represents £20 trillion of assets under management. The FRC received 189 applications from 147 asset managers, 28 asset owners, including pension funds and insurers, and 14 service providers, including data and information providers and investment consultants.
The FRC was pleased to see investors better integrating stewardship, and environmental, social and governance (ESG) factors into their investment decision-making, reporting on asset classes other than listed equity and identifying the outcomes of their efforts. There was also some strong reporting on underpinning governance activities.
The organisations that did not make the list commonly did not address all the Principles or sufficiently evidence their approach, instead relying too heavily on policy statements. Other areas of weakness included reporting on the approaches to review and assurance, and monitoring service providers. We would also like to see more focus on identifying areas for improvement.
Unsuccessful applicants are encouraged to consider the individual feedback provided along with the upcoming annual review of reporting to be published in November. Unsuccessful applicants can reapply in future application windows. The next opportunities are 31 October 2021 and 30 April 2022.
To remain signatories, organisations will need to continue to improve their reporting as market practice and expectations evolve.
Sir Jon Thompson, FRC CEO, said:
“Congratulations to all those who have become signatories to the UK Stewardship Code, which is recognised globally as a best-practice benchmark in investment stewardship. The publication of this list delivers on the recommendations of The Kingman Review in respect of stewardship and demonstrates our continued commitment to serve the public interest as we transform to becoming a new regulator. We are proud of our robust approach to assessment and encourage those who have been unsuccessful to reflect on our feedback and apply again in future.”
New additions to the list of Stewardship Code signatories:
Asset Managers:
- Aberforth Partners LLP
- abrdn (formerly Standard Life Aberdeen)
- Aegon Asset Management UK plc
- AGF International Advisors Company Ltd.
- AllianceBernstein L.P.
- Amundi Asset Management
- Ardea Investment Management Pty Ltd
- Arcus Infrastructure Partners LLP
- Artemis Investment Management LLP
- Aviva Investors
- AXA Investment Managers
- Baillie Gifford and Co
- BlackRock Inc
- BlueBay Asset Management LLP
- Brewin Dolphin
- Capital International Limited
- Cardano Risk Management Limited
- Castlefield Investment Partners LLP
- CCLA Investment Management
- Central Finance Board of the Methodist Church and Epworth Investment Management
- Church House Investments Limited
- Coutts & Co
- CQS (UK) LLP
- Dimensional Fund Advisors Ltd
- Downing LLP
- DWS Investments UK Limited
- Evenlode Investment
- Fidelity International
- Findlay Park Partners LLP
- First Sentier Investors
- Franklin Templeton
- Fundsmith LLP
- GAM International Management Ltd (GIML)
- Generation Investment Management LLP
- Genesis Investment Management, LLP
- Gresham House Asset Management Limited
- Herald Investment Management Limited
- Hermes Fund Managers Limited (The international business of Federated Hermes)
- HSBC Global Asset Management Ltd
- Impax Asset Management
- Invesco Asset Management Limited
- Investec Wealth and Investment Limited
- J O Hambro Capital Management Limited
- Janus Henderson Investors
- Jupiter Fund Management plc
- Kiltearn Partners LLP
- LaSalle Investment Management
- Legal & General Investment Management
- Lindsell Train Limited
- Liontrust Investment Partners LLP
- Lodbrok Capital LLP
- Lombard Odier Asset Management (Europe) Ltd
- Longview Partners
- Loomis, Sayles and Company, L.P., and Loomis Sayles Investments, Limited
- M&G Investments
- Macquarie Investment Management Europe S.A.
- Majedie Asset Management Ltd
- Man Group
- Manulife Investment Management Europe Limited
- Marathon Asset Management Limited
- Martin Currie Investment Management Limited
- Mayfair Capital Investment Management
- Mercer Global Investments Europe Limited
- Metropolis Capital Ltd
- MFS Investment Management
- Mirabaud Asset Management Limited
- Montanaro Asset Management
- Newton Investment Management
- Oldfield Partners
- PineBridge Investments Europe Limited
- Quilter plc
- RBC Global Asset Management
- River and Mercantile Asset Management LLP
- River and Mercantile Investments Limited
- Robeco Institutional Asset Management B.V.
- Royal London Asset Management (RLAM)
- Ruffer LLP
- Sarasin and Partners LLP
- Slater Investments Limited
- SVM Asset Management Limited
- Target Fund Managers Limited
- TwentyFour Asset Management LLP
- UBS Asset Management (UK) Ltd
- Union Bancaire Privée, UBP SA
- Vanguard Asset Management, Limited
- Veritas Asset Management LLP
- Veritas Investment Partners (UK) Limited
- Vontobel Asset Management
- Walter Scott and Partners Limited
- Wellington Management Company LLP
Asset Owners:
- Aviva Life and Pensions UK Ltd
- Barclays Bank UK Retirement Fund
- Brunel Pension Partnership Limited
- BT Pension Scheme
- Church Commissioners for England
- Coal Staff Superannuation Scheme Trustees Limited
- Environment Agency Pension Fund
- Greater Manchester Pension Fund
- Hampshire Pension Fund
- JPMC UK Retirement Plan
- LGPS Central Limited
- London LGPS CIV Limited
- M&G plc
- Nest Corporation
- Parliamentary Contributory Pension Fund
- RPMI Railpen
- Scottish Widows Group Limited
- Strathclyde pension Fund
- The Church of England Pensions Board
- Trustees Of The Mineworkers' Pension Scheme Limited
- Universities Superannuation Scheme - USS
- West Midlands Pension Fund
- Worcestershire County Council Pension Fund
Service Providers:
- Aon Solutions UK Limited and Aon Investments Limited
- Glass Lewis and Co. LLC
- Hermes Equity Ownership Services Limited
- Hymans Robertson LLP
- Institutional Shareholder Services Inc.
- Investment Association Services Limited (using the trading name Institutional Voting Information Services (IVIS))
- Lane Clark & Peacock
- Mercer Limited
- Redington
- Sustainalytics, a Morningstar company
- Willis Towers Watson
- XPS Investment Limited
Notes to editors:
The FRC’s purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
The UK Stewardship Code
The UK Stewardship Code 2020 sets high stewardship standards for those investing money on behalf of UK savers and pensioners, and those that support them.
Stewardship is the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.
The Code applies to:
- Asset owners such as pension schemes, insurers, foundations, endowments, local government pension pools and sovereign wealth funds.
- Asset managers who manage assets on behalf of UK clients or invest in UK assets.
- Service providers such as investment consultants, proxy advisors, data and research providers that support asset owners and asset managers to exercise their stewardship responsibilities.
New logo – The FRC have developed a new logo for those who have become successful signatories to the UK Stewardship Code
All press enquiries should be directed to:
- Kate O’Neill, Director of Stakeholder Engagement and Corporate Affairs, on telephone: 020 3145 9248 or email: [email protected] .
- Rita Carolan, Communications Manager, on telephone: 020 7492 2395 or email: [email protected].
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