The
Financial Services Council has published a new standard titled
Principles of Internal Governance and Asset Stewardship: see
here (
pdf). The purpose of the standard is, to quote directly from it, "...to provide guidance to FSC Members who undertake the role of Asset Managers in setting and achieving best practice in fulfilling their fiduciary responsibility as custodians of one of the largest pools of managed funds in the world". The standard is mandatory for
FSC full members from 1 July 2018. The standard will operate very much like the stewardship codes seen in other jurisdictions.
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