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The UK’s Financial Reporting Council (FRC) has moved to reduce reporting burdens and streamline processes for signatories through a revamp of its StewardshipCode. The final phase will see a revised version of the code being published sometime during Q1 2025, with a likely effective date in January 2026. trillion (US$64.8
In 2015, the group also submitted its first application to the Financial Reporting Council’s (FRC) UK StewardshipCode. “An An approved StewardshipCode status is basically a baseline entry to pitch for institutional business around responsible investment,” Crossman explained.
In a 2019 report , the UK Department of Business, Energy and Industry Strategy (BEIS) said the FRC is a “weak and ineffective regulator”. Two sides of the same coin” During the consultation on the UK Corporate Governance Code, stakeholders also raised concerns about the UK StewardshipCode, the FRC said in its statement.
The European Union’s Sustainable Finance Disclosure Regulation (SFDR) was introduced in 2019 to impose tougher disclosure requirements, with the aim of giving investors greater insight into the sustainability-related impact of their investments. Has your asset manager published a UK StewardshipCode statement?
Manning said the question of “perceived barriers” to collaboration had been raised previously, in feedback to the FCA’s discussion paper on stewardship regulation, jointly published with the Financial Reporting Council (FRC) in 2019, and since. “It
In the final quarter of 2023, the FRC – working with the FCA, Department for Work and Pensions (DWP) and The Pensions Regulator – will review the regulatory framework for effective stewardship, including the operation of the StewardshipCode.
This was followed in 2010 by high level reporting for the Financial Reporting Council’s (FRC) original StewardshipCode. Despite both being voluntary, they quickly became industry norms, along with a minority of asset owners starting to do voluntary Task Force on Climate-related Financial Disclosures (TCFD ) reporting in 2019/20.
“They’re invested in typically thousands of companies but at most they have a few dozen individuals responsible for stewardship. Research suggests the growing emphasis on stewardship and engagement is only slowly feeding through to better resourcing or reporting. The numbers just don’t add up.”
The new strategy sets priorities over the next three years for the investor network , which doubled in size between 2019 and 2023. Now there’s a plethora of those – both mandatory and voluntary.” Our reporting needs to reflect that and make sure that signatories are only having to report once, not in multiple formats,” Atkin added.
As PRI in Person closes today in Barcelona, gathering more than 1,700 investors and stakeholders in person for the first time since 2019, one key message throughout has been that policy matters, now more than ever. By comparison, in 2019, there were fewer than 600; and in 2013, 300. Policy takers and policy shapers.
In 2019, compensation earned by CEOs of US-listed companies outweighed the average worker by a ratio of 320:1, according to the American think tank Economic Policy Institute. .
The Financial Reporting Council (FRC) noted in a review of UK stewardshipcode signatories’ reporting that some relied heavily on examples of meetings with companies as part of general information-gathering and monitoring, rather than involving targeted engagement on specific issues.
Shaking up existing stewardship practices can take time, especially when the current approach is so deeply embedded. Many countries in Asia already have stewardshipcodes in place, including Japan, Singapore, Hong Kong and South Korea. Koreas value-up programme is inspired by a similar initiative in Japan.
Laith Cahill, Senior Net Zero Stewardship Specialist at the IIGCC, says the UK’s streamlined StewardshipCode must preserve its ambition. Since its last update in 2019, the landscape for stewardship and reporting has evolved drastically. These are both critical elements in investors’ stewardship toolkits.
The tool lets users generate real-time reports aligned with frameworks including the UK’s StewardshipCode 2020, the Global Reporting Initiative taxonomy and the UN Sustainable Development Goals. Gillies flagged the UK StewardshipCode as being a particular catalyst for the growth of investors’ and managers’ focus on engagement.
The concept of assessing what effective stewardship should look like was first introduced by the FCA in 2019 in a joint effort with the Financial Reporting Council (FRC), setting the groundwork which helped define what the minimum expectations should be for financial services firms investing on behalf of clients and beneficiaries.
Proposed revision to stewardship definition seen as potentially weakening ambition and fostering distance between investment decisions and their impacts. A tweak to the Financial Reporting Council’s (FRC) definition of stewardship in a proposed update to the UK StewardshipCode has been received with alarm by asset owners and managers.
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