Twelve pension consultancies are among a new list of companies named as signatories to the UK Stewardship Code by the Financial Reporting Council (FRC).
The Stewardship Code is a set of principles that investors, asset managers, and service providers, such as investment advisors can choose to follow. The policy is intended to improve stewardship on behalf of UK savers and retirees by requiring investors to satisfy a high standard according to the FRC. A company must have its report assessed by the FRC as satisfying the required requirements in order to become a signatory. Organisations on the list are obliged to provide an annual report to the FRC on how they are implementing the Code.
The new list of signatories includes Aon, Barnett Waddingham, Buck Consultants, Capita, Hymans Robertson, Isio Group, Lane Clark & Peacock, Mercer, Pensions & Investment Research Consultants, Redington, Willis Towers Watson and XPS Investment.
BW partner and head of investment consulting Rod Goodyer says: “The challenges of 2020 were significant, but the pandemic tested the resilience of our approach to working with clients. It also “reset” the norms that have influenced the way of working in the past. The new code, we believe, sets principles for asset owners, asset managers and, from our perspective, service providers, which if met will raise standards of stewardship.
“Whilst meeting the stewardship standards has been a goal for us, becoming a signatory is not the end of the story. It is the beginning. This was not a tick-box exercise. There’s still work to be done as we continue to focus on building a sustainable business for now and for the longer term.
“The expectation is each year the bar will be raised higher in order to continue to be a signatory. We pledge to continue to support our clients’ stewardship and develop our own approach in 2022.”
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