This now includes successful applicants who submitted their report at the end of October 2021. The FRC received 105 applications which was substantially more than expected, of which 74 were successful.

This takes the number of signatories to 199, including asset managers with £33 trillion in global assets under management. It is a positive sign that so many investors and service providers want to demonstrate their commitment to effective stewardship.

There was an encouraging level of applications from organisations that were previously unsuccessful.

Many have addressed the feedback given by the FRC and have provided better quality reporting of their stewardship activities.

In November 2021, the FRC published Effective Stewardship Reporting: Examples from 2021 and expectations for 2022 which contained guidance on good practice reporting.

The FRC encourages all signatories and applicants to read this for information on how to improve critical areas of reporting including reporting on market-wide and systemic risks, non-listed equity, outcomes and engagement.

Mark Babington, executive director of regulatory standards, said: “We are pleased that many previously unsuccessful organisations have provided stronger and better tailored explanations on how they apply the Code to more effectively demonstrate their stewardship activity and outcomes. We commend those that have embraced the spirit of the Code and responded to our feedback by substantially reviewing their approach to provide clear, comprehensive and outcome-based reporting.”

Following wide engagement with stakeholders the FRC has decided not to differentiate (or tier) signatories to the Code from 2022.

Asset owners, investment consultants and investment managers felt that standard to become a Stewardship Code signatory is already high and that the FRC should focus on encouraging more of the market to reach this standard.

The deadline for submitting annual stewardship reports and any new applications will be the 30th of April 2022.