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Apr 2019

Is the Stewardship Code fit for purpose?

The Stewardship Code was established by the Financial Reporting Council in 2010 following concerns that asset management firms behaved like ‘absentee landlords’. Its stated aim is to enhance engagement by asset management firms with their investee companies. The Financial Reporting Council issued a draft Stewardship Code in January 2019 for consultation. This proposes a revised definition for stewardship as well as a proposed Principle on constructive engagement. This research study seeks to understand the nature of engagement and stewardship as practiced in major UK-based asset management firms with long-term shareholdings.

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Is the Stewardship Code fit for purpose?