On 3 June 2025, the Financial Reporting Council (“FRC”) published its new UK Stewardship Code 2026 (the “Code”). The voluntary Code applies to asset managers, asset owners and services providers with the aim of providing greater transparency on reporting in respect of the stewardship roles undertaken on behalf of clients and beneficiaries.

Although the UK Stewardship Code is voluntary, certain UK-regulated firms are required to disclose their adherence to it under the Financial Conduct Authority’s Handbook (specifically under Environmental, Social and Governance sourcebook and Conduct of Business sourcebook). The Code is widely embraced across not only the UK asset management sector, but also by international firms and non-UK managers, with a current status of 297 signatories managing £52

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