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Press Release

Monday 16 July 2012

IMA broadly supportive of FRC’s Stewardship Code review

The Investment Management Association (IMA) has welcomed the FRC’s (Financial Reporting Council) revisions to the Stewardship Code - two years after it was first issued (July 2010) - and is pleased that the proposed amendments are not too significant as the Code still needs time to settle down.

Liz Murrall, IMA’s Director of Corporate Governance and Reporting, said:

“The additional clarity will help encourage greater transparency in any policy statements.  

“The Code is to be applied on a “comply or explain” basis but a number of the proposed changes strengthen the text and push it more to “comply or else”. As a result, firms that do not adhere to the Code will be viewed negatively even if they provide explanations and valid reasons for their non-adherence.  This is particularly relevant to the proposals on voting disclosure and the independent verification of the stewardship process.”

Since the Code was issued, the IMA has monitored asset owners, asset managers and service providers adhere to it. Results from the latest research showed that investor engagement is not only increasing but leading to change and having a positive influence over corporate behaviour.  


IMA’s full response to the FRC on its review of the Stewardship Code is available here.

For further information please contact:

Mona Patel, Head of Communications  
020 7831 0898 or 07834 089332

Christina Bridge, Press Assistant
020 7831 0898

About the Investment Management Association:

  • The IMA is the trade body for the UK's £3.9 trillion asset management industry (retail and institutional) which is one of the world's leading investment management centres.
  • Our role is to represent the interests of the asset management industry to government and regulators both in the UK and internationally.
  • The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.

Investment management association