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United Kingdom
United Kingdom
Key definition
UK Stewardship Code definition What does UK Stewardship Code mean? In practice, the UK Stewardship Code sets expectations for how institutional investors engage with companies and other UK assets to support long‑term, sustainable value and effective corporate governance. It is not legislation but a voluntary “apply and explain” code issued by the Financial Reporting Council (FRC). First published in 2010 (building on the Institutional Shareholders’ Committee 2002 principles), it was updated in 2012 and substantially revised in 2020. The 2020 Code contains 12 Principles for asset owners and asset managers, and separate Principles for service providers, covering governance, investment and ESG integration, monitoring, engagement, escalation, voting and reporting...
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UK Stewardship Code: principles, reporting requirements, FCA COBS links, ESG focus, and related investor guidance (ICGN, PLSA, IA), including 2025 revisions and 2026 implementation
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Practice notes
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In 2024, the Financial Reporting Council (FRC) initiated a review of the uk stewardship code. The opening phase centred on targeted outreach designed to test whether asset managers, asset owners and other signatories are using the current Code in ways that deliver stronger stewardship outcomes through engagement with issuers across all asset classes in particular. Acting on the feedback received, the FRC introduced measures to lighten the reporting burden for signatories to the UK Stewardship Code, with those changes coming into force on 31 October 2024. The second phase took the form of a public consultation, which was launched on 11 November 2024 and closed on 19 February 2025. A revised UK Stewardship Code was published on 3 June 2025, with implementation and the first reporting cycle planned for 2026 thereafter. For further information, see LNB News 27/02/2024 16, LNB News 22/07/2024 31, LNB News 11/11/2024 28 and LNB News 03/06/2025 46. The UK Stewardship Code traces its origins to Sir David Walker’s final review of corporate governance in UK banks and other financial institutions, together with his final recommendations (the Walker Review), published on 26 November 2009...
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Web page updated on 22/05/2026
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