Financial Reporting Council publishes consultation on updated UK Stewardship Code

The Financial Reporting Council has published a consultation on proposed updates to the UK Stewardship Code.

The consultation builds on interim measures announced earlier this year, which included reducing the annual reporting burden while providing greater transparency for pensioners on how their money is being managed.

The Code, which is voluntary, is aimed at:

• 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.

The consultation closes on February 19, 2025.