FRC announces 125 'successful' signatories to new UK Stewardship Code as one-third of applicants fail to make list

Received 189 applications, 147 from asset managers

The Financial Reporting Council (FRC) has revealed that one-third of the 189 asset managers and asset owners that applied to be signatories of its revised UK Stewardship Code did not make the list, because they relied “too heavily on policy statements”.

Among the asset managers that have not been listed as successful signatories to the new UK code, which sets standards of stewardship for those investing money on behalf of UK savers and pensioners, are Schroders and JP Morgan Asset Management. The FRC received 189 applications from 147 asset managers, 28 asset owners, including pension funds and insurers, and 14 service providers, including data and information providers and investment consultants, and said that following a "rigorous review process" which took into consideration organisations' investment styles, sizes and types, 125 were...