The FRC has announced major revisions to the UK Stewardship Code. It is making 5 immediate changes and has committed to a wider review. The key changes:
- will remove the “context” reporting expectations, except for new reports or material changes;
- will remove the annual “activity” and “outcome” reporting for some of the Code Principles;
- allow cross-referencing to previous content;
- set out clearly what an “outcome” is for stewardship purposes; and
- emphasise the ability to exercise reporting against Principles 10, collaborative engagement and 11 escalation where necessary.
There will then be a wider public consultation on changes later this year.