Monday, 14 November 2016
The Financial Reporting Council has published the results of an exercise that saw it rank signatories (of which there are almost 300) to the UK Stewardship Code into one of three tiers: see here. The ranking was done on the basis of the information provided in signatory statements. More than 120 signatories were placed in tier 1 - the top tier - because they were judged by the FRC to provide a good quality and transparent description of their approach to stewardship and explanations of an alternative approach where necessary. Those remaining in the bottom tier - tier 3 - in six months' time will be removed from the list of signatories because, in the FRC's view, their reporting fails to demonstrate commitment to the objectives of the Code.