The Financial Reporting Council (FRC) has added 74 new signatories to its Stewardship Code, including Schroders, PIMCO Europe, Ninety One, Neuberger Berman Europe and Russell Investments.
The total number of signatories to the Stewardship Code has increased to 199 and brings the amount of global assets under management represented by the asset manager signatories to £33 trillion, up from £21 trillion in September 2021.
Since applications last opened in October, the FRC received 105 applicants, of which 74 were approved.
Mark Babington, executive director of regulatory standards at the FRC, said: “We are pleased that many previously unsuccessful organisations have provided stronger and better tailored explanations on how they apply the Code to more effectively demonstrate their stewardship activity and outcomes.”
Babington added: “We commend those that have embraced the spirit of the Code and responded to our feedback by substantially reviewing their approach to provide clear, comprehensive and outcome-based reporting.”
The FRC, which governs how investors hold companies to account, revealed it received “substantially” more applicants than expected this year.
According to the FRC, the increased number of applicants is a positive sign that many investors and service providers want to “demonstrate their commitment to effective stewardship”.
The FRC also announced it has decided not to differentiate or tier signatories to the Code from 2022, following engagement with stakeholders.
To remain on the list, the FRC requires all signatories to report on their stewardship activities and receive an annual evaluation, conducted by the FRC.
The deadline for submitting annual stewardship reports and any new applications will be the 30 April 2022.
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