UK: disclosure of commitment to the UK Stewardship Code

The latest consultation paper published by the Financial Services Authority - available here (pdf) - outlines a proposed amendment to the Conduct of Business Sourcebook which will require disclosure in respect of the FRC's Stewardship Code. The proposed amendment provides:

A firm, other than a venture capital firm, which manages investments for a professional client that is not a natural person must disclose clearly on its website, or if it does not have a website in another accessible form:

• the nature of its commitment to the Financial Reporting Council’s Stewardship Code; or
• where it does not commit to the Code, its alternative business model".