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Stewardship survey

IMA’s fourth report on adherence to the FRC’s Stewardship Code looks at the activities that support institutional investors’ commitment to the Code in the period to 30 September 2013.

Current survey

The report summarises the responses of 82 Asset Managers, 27 Asset Owners and five Service Providers to a questionnaire that had been developed under the direction and oversight of a Steering Group chaired by the FRC’s Chief Executive. The report demonstrates that:

  • there was a significant increase in respondents’ resource for engagement;
  • stewardship is referred to in the mandates of an increasing proportion of asset managers;
  • business strategy, board leadership and board composition are the three issues respondents consider to be most important for engagement, followed by board remuneration;
  • more respondents give companies advance notice of their intention to abstain or vote against a resolution;
  • nearly all respondents report to their clients or beneficiaries on their stewardship activities.
stewardship code survey image The report also focuses on ten case studies providing evidence of engagement and its impact on corporate behaviour. The companies concerned were Barclays, Glencore Xstrata, AngloAmerican, Carnival, RSA Insurance Group, First Group, Lonmin, Bumi, Afren, and Redrow. A summary of these case studies is included in the report and an in-depth analysis is set out separately here.

Past reports

The first report was launched at an event on 24 May 2011 with the second report published in June 2012 and the third report published in June 2013.

Presentations from the Event:

Speeches from the Event:

Past surveys

In the past IMA surveyed its members adherence to the Institutional Shareholders’ Committee’s Statement of Principles on engagement and and certain other related matters raised by interested parties.

2008 - 2007 report

2006 report

2005 report

2004 report

2003 - 2002 report

Investment management association

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