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UK stewardship code adds 74 new signatories

Some 74 new signatories have signed the UK Code of Conduct regulating how investors are responsible for companies, increasing the combined assets of fund managers under the standard to £ 33, from £ 21 in September.

New asset managers on the underwriting list include State Street Global Advisors, Goldman Sachs, Morgan Stanley, Pimco, Schroders and T Rowe Price.

The Financial Reporting Board, the British audit dog that sets the code, said it had received 105 requests after the last round in September.

It approved 74 of them, raising the total number of signatories to 199. It will not respond to 31 unapproved, although the rate of failure matches the previous group Received in September.

In 2020, the FRC substantially changed the code, launched in 2010, to impose stricter reporting requirements on registered investors. Since its launch, it has been replicated in other jurisdictions and expanded to include new types of assets.

Signatories need to report on their stewardship activities and are reviewed annually by the FRC to stay on the list.

“Ultimately, what we want to see are concrete examples of activities and results of stewardship. Otherwise, it’s just a superstitious policy statement of intent without implementation,” Claudia Chapman told the FRC.

“We are eager to reduce the gap between what is reported and what is done, and for the most part we feel comfortable that those on the list do what they say.”

Unregistered large fund managers include JPMorgan Asset Management, Credit Suisse and Allianz. JPMorgan and Credit Suisse did not respond to a request for comment. Alliance said it was “in the process of preparing for the April application.”

BlackRock, Amundi, Vanguard, Franklin Templeton, DWS, Fundsmith, Man Group, Baillie Gifford, Abrdn and UBS are among those who have been members since last year. Pension groups include the Church of England Pension Board, the Scottish Widows, the BT and Nest Pension Plan are enrolled as well.

Stewardess is perceived as a key component in investing according to environmental, social and governance principles. But while interest in tailoring investments to these standards has grown sharply, critics say some investors are exaggerating their focus on sustainability in an effort to capitalize on the billions being poured into this part of the market.

Regulators in the U.S. and Germany last year launched an investigation into allegations DWS has Misrepresentation of how he used ESG indices In analyzing companies in its investment portfolio.

UK stewardship code adds 74 new signatories Source link UK stewardship code adds 74 new signatories

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