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A review of the UK StewardshipCode 2020 should prompt evolution rather than revolution, according to industry experts, who want to see refinement aimed at further improving outcomes. The post UK StewardshipCode to Benefit from Fine-tuning appeared first on ESG Investor.
Investors have been asked to support linking investment stewardship to the creation of 'long-term sustainable value' in the UK StewardshipCode, in an alternative definition to 'watered-down' proposals by the Financial Reporting Council (FRC).
The UK Financial Reporting Council (FRC) has downgraded the words 'environment and society' in a redefinition of stewardship under proposed updates to the country's StewardshipCode.
“Stewardship encompasses everything that we manage, including our pension fund clients’ assets and reputation; it is not just about traditional activities such as engagement,” Frances Deakin told ESG Investor. Viewing stewardship as everything we do is my definition of responsible investment (RI).”
“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 UK StewardshipCode has over 250 signatories, including UK pension schemes Brunel Pension Partnership and Railpen.
The draft guidance is due to be finalised in Q2 2023. The post “Clear Direction” on ESG in New Guidance for Australian Super Funds appeared first on ESG Investor.
I assume that the aim of the latest review is to examine ongoing issues around fiduciary duty, especially in the context of the revised UK StewardshipCode 2020, to see what obstacles (real or perceived) remain.” The paper notes that the UK StewardshipCode is “guidance and not a legal obligation”.
The introduction of a toughened code has led to improved governance and resourcing of stewardship by UK-based asset managers and owners, but investment in the area faces ongoing challenges, including tensions with other staff. .
“If there is a problem, its solution will be a legal one, so the FMLC is a sensible vehicle for considering it,” he said, adding that the FMLC has the “appetite to do the work, the right people in the room, and a real capacity to deliver”.
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. Increasingly vocal.
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. The StewardshipCode plays a key role in influencing global practice and rigour.
Proposals to bolster sustainable finance in Europe include recommendations for a new region-wide stewardshipcode. The UN report said a common definition and mapping of financing for food security and nutrition were “urgently needed”. A selection of the major stories impacting ESG investors, in five easy pieces.
Changes to the UK StewardshipCode wont lower ambition but will instead introduce more flexibility that better caters to its breadth of signatories, according to the Financial Reporting Council (FRC). Last year, the FRC was alsocriticised for watering down its ESG and audit requirements in revisions to the UK Corporate Governance Code.
Proposed revision to stewardshipdefinition 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.
Rules of engagement Closely linked to Listings Rules revamp in the eyes of asset owners is the Financial Reporting Councils (FRC) proposed changes to the UK StewardshipCode, which now numbers 297 signatories, representing 52.3 trillion assets under management.
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