Governance Code gains support

Sixty-eight institutions have published statements of support for the new UK Corporate Stewardship Code, including 48 asset managers, 12 asset owners and eight service providers. “A critical mass of investors is coming through and this is a very important first step,” said Financial Reporting Council chairman, Baroness Hogg. The Stewardship Code is being introduced to replace the UK’s corporate governance code and its principles will include external reviewing of boardroom procedures and regular elections for directors. As well as leading UK institutions, the Code has attracted the support of range of international investors, including Calpers. Business secretary Vince Cable is one of its cheerleaders. The Stewardship Code aims to promote more active discussion between company boards and investors.