The Code is voluntary and sets an aspirational standard beyond minimum regulatory requirements in the UK. The Code comprises 12 ‘apply and explain’ Principles for asset owners and asset managers, with reporting expectations relevant to their role. In addition, there are six, separate ‘apply and explain’ Principles for service providers with reporting expectations.

The total number of signatories is up to 254 from 235 in September 2022, with assets under management (AUM) of £46.4tn, up from £40.7tn. 

The FRC noted better reporting in this application cycle, which included disclosure of stewardship activity spanning multiple years, and encourages all signatories to use their report as an opportunity to demonstrate their ongoing progress.  For its assessment of reports received in 2023, the FRC will continue to place emphasis on reporting of activities and outcomes.

Further information is available on the FRC website.