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In its 2023 autumn statement, the previous UK government had set 31 March 2025 as a deadline for the consolidation of LGPS in England and Wales. In the year to 31 March 2023, LPPI reported cumulative savings of £153.2 Deakin is a strong advocate of the code. It also recommended LPPI’s whole-scheme management model.
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.
Asset owner makes progress on climate and asset manager information-sharing in first year as StewardshipCode signatory. Last year, Phoenix also became a signatory of the Financial Reporting Council’s UK StewardshipCode. Piani described the code as being “pivotal” to the development of the firm’s engagement strategy. “It
DP23/1, released in February, focused on the capabilities needed by FCA-regulated firms to support both economy-wide transition to netzero and sustainable business models more broadly. We want to continue to engage actively on these topics.”
Stewardship is widely considered one of the most effective tools in an asset owner’s toolbox to ensure companies are prioritising ESG-related issues, such as mitigating the effects of climate change. . “ The DWP will assess whether further guidance is needed in H2 2023. .
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.
In 2020, the FSA tightened the StewardshipCode to redefine responsibilities and explicitly instruct institutional investors “to consider sustainability (medium- to long-term sustainability including ESG factors) according to their investment management strategies in the course of their constructive engagement with investee companies”.
A recent Financial Conduct Authority (FCA) discussion paper asked for feedback on possible regulatory change needed to support collaborative engagement and systemic stewardship, while the Financial Reporting Council is due to lead a review of its StewardshipCode. Also speaking at the Stewardship Summit, Mark Manning , Strategic Policy Advisor on (..)
In terms of drivers of geographic distinctions, he cited the recently strengthened UK StewardshipCode as one reason why European firms generally outperformed their US counterparts on clarity of voting policy. It remains to be seen what will happen in the coming proxy year.
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.
Story time – The halfway point of the calendar year brings forth a stream of impact and sustainability reports from asset managers and owners, particularly in the UK, as signatories also comply with their obligations under the StewardshipCode. Sounds familiar? That’s because it is.
Proposals to bolster sustainable finance in Europe include recommendations for a new region-wide stewardshipcode. But there are few telling indicators to be found in the long-awaited 2024 Target Disclosures Report , published this week by the NetZero Asset Managers (NZAM) initiative.
New Zealand’s Minister for Climate Change James Shaw tells ESG Investor that Australia and New Zealand have a uniquely close relationship. “2023 is the 40 th anniversary of Closer Economic Relations,” Shaw says. “By Last month, the two countries signed an agreement to tackle climate change collaboratively alongside other Pacific countries.
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