Environmental Stewardship Scheme

(asked on 9th February 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has assessed the merits of mandating large asset managers sign up the FRC’s New Stewardship Code as part of their responsibilities to their fiduciaries.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 28th February 2022

The Financial Conduct Authority (FCA) requires that asset managers disclose clearly the nature of their commitment to the Financial Reporting Council’s UK Stewardship Code. Where an asset manager chooses not to follow the Code, it must disclose its alternative investment strategy. The FRC continues to gather evidence of the quality of stewardship practice and reporting under the revised Stewardship Code introduced in 2020. The FRC and the FCA are due to review the regulatory framework for effective stewardship formally in 2023, including the operation of the revised Code.

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