To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his department is taking to increase the number of signatories to the 2020 Stewardship Code.
28 April 2021
The Financial Reporting Council (FRC) received 162 stewardship reports from asset managers and service providers by the first deadline of 31 March this year and will receive reports from asset owners at the end of April. This is in line with the target of 200 applications for 2021 as a whole. The FRC is currently assessing the quality of these reports and will announce the outcome of this process in late summer 2021. The FRC carried out an early review of reporting in autumn 2020 and was encouraged by how many investors had already started to engage with the spirit of the Code and were using it to review their practices and reporting.
In November 2020, HM Treasury’s Asset Management Taskforce report recommended initiatives to increase the uptake of the Code among pension funds, service providers that support investors, and asset managers. The FRC is supporting these initiatives, including chairing the Stewardship Regulators Group.