A number of UK pension schemes have become signatories to the UK Stewardship Code, taking the total number of signatories to 254, up from 235 in September last year, the Financial Reporting Council (FRC) has confirmed.

Signatories to the code now include 179 asset managers, 58 asset owners and 17 service providers, with the additional signatories bringing the total assets under management of the list to £46.4tn, up from £40.7tn in September.

Successful signatories from the last round of applications included a number of large UK pension schemes, including BT Pension Scheme, the Co-Operative Pension Scheme, Nest, Smart Pension Master Trust, and Tesco Pension Trustees and Tesco Pension Investment.

This was alongside a number of Local Government Pension Schemes, including the Avon Pension Fund, Devon County Council Pension Fund, East Sussex Pension Fund, Lothian Pension Fund, and Westminster City Council Pension Fund.

In addition to this, a number of pension providers and consultancies have successfully joined the code, such as Buck Consultants, Capita Pensions Solutions, Isio, LCP, Mercer, Rothesay, Royal London, Scottish Widows, as well as the Pension Protection Fund board.

The FRC highlighted the more diverse range of business models and investment styles among successful applicants as a "positive indication of the broader adoption of responsible investment practices across the industry".

In addition to this, it reported an "encouraging" level of re-applications from previously unsuccessful organisations, which used the FRC’s feedback to improve how they reported the outcomes and impact they are delivering through effective stewardship.

The FRC also found better reporting in this application cycle, confirming that it will continue to place emphasis on reporting of activities and outcomes for its assessment of reports received in 2023.

FRC executive director of regulatory standards, Mark Babington, stated: “Congratulations to the successful signatories to the UK Stewardship Code. It’s great to see returning signatories to the code provide updates on how they continue to deliver high-quality stewardship activity.

“It is also pleasing to see previously unsuccessful applicants using the FRC’s feedback to improve their reporting and become signatories.”

Adding to this, Rothesay head of investment strategy, David Land, said: “Ensuring the principles of stewardship are embedded across the management of our asset portfolio is a fundamental part of our long-term investment strategy and our commitment to providing our policyholders with security for the future.

“We are pleased to become a signatory to the code and to support the FRC's work to ensure a high level of stewardship is achieved throughout our industry.”

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