UK Stewardship Code 2026
3 minute read
Overview
The UK Stewardship Code 2026 (the Code) establishes the core Principles of effective stewardship and sets a high standard of transparency for asset owners and asset managers, and for the service providers that support them.
The Code is voluntary and being a signatory to the Code demonstrates an investor’s commitment to stewardship and providing transparent reporting on the stewardship they undertake on behalf of their clients and beneficiaries.
The Code comprises a set of ‘apply and explain’ Principles for asset managers and asset owners, and a separate set of Principles for service providers. The Principles are supported by information on organisations’ context and stewardship policies. The Code offers the flexibility for signatories to apply the Principles in ways that are best tailored to their approach and activities.
The Code applies from 1 January 2026 for reporting thereafter.
The Code applies to:
- Asset owners such as pension schemes, insurers, foundations, endowments, local government pension pools and sovereign wealth funds.
- Asset managers who manage assets on behalf of UK clients or invest in UK assets.
- Service providers: investment consultants, proxy advisors and engagement providers that support asset owners and asset managers to exercise their stewardship responsibilities.
| Name | The UK Stewardship Code 2026 |
|---|---|
| Publication date | 3 June 2025 |
| Type | Code |
| Format | PDF, 324.0 KB |
Reporting structure and frequency
The UK Stewardship Code 2026 is divided into two parts: Policy and Context Disclosure and Activities and Outcomes Report.
- Policy and Context Disclosure. This includes information about the organisation, its governance and resourcing, linking to relevant policies. Applicants are required to submit a Policy and Context Disclosure to the FRC every 4 years, or when there have been changes at an organisation such that their Policy and Context Disclosure no longer aligns with their Activities and Outcomes Report.
- Activities and Outcomes Report. Applicants are required to submit an Activities and Outcomes Report to the FRC every year to demonstrate how they have applied the Principles through the activities they have undertaken in the preceding year and the outcomes of these activities.
Applicants may choose to submit Policy and Context Disclosure more frequently, but it is not required. Applicants may also choose to present the Policy and Context Disclosure and the Activities and Outcomes Report either as separate documents or combined in a single comprehensive submission as they prefer. They may also choose to report Principle-by-Principle or take a more narrative approach.
Both Reports must be reviewed and approved by the applicant’s governing body, and signed by the chair, chief executive or chief investment officer.
Applying to the UK Stewardship Code 2026
The UK Stewardship Code 2026 will have two application windows to submit reports:
- Spring 2026: applications from asset managers and service providers will be due by 30 April 2026. Applications from asset owners will be due by 31 May 2026.
- Autumn 2026: all applications will be due by 31 October 2026.
The submission process will remain unchanged from the 2020 UK Stewardship Code.
How to report to the UK Stewardship Code 2026
The UK Stewardship Code 2026 introduces a streamlined structure for reporting. Our How to Report page explains what’s required from signatories and how to align your reporting with the Code’s expectations.
Guidance
We are introducing guidance to assist applicants with reporting to the UK Stewardship Code 2026. This contains non-prescriptive suggestions for some of the information organisations may wish to include in their reporting.
We have published the draft guidance, and we welcome suggestions for the guidance - please send your comments to [email protected] before 31 August 2025. The guidance will be finalised in the autumn.
UK Stewardship Code signatories – Transition year in 2026
To support a smooth transition to the updated UK Stewardship Code, 2026 will be treated as a transition year. All existing signatories submitting a renewal application will remain on the signatory list throughout this period. This approach recognises that these organisations have already met the requirements to become a signatory of the 2020 Code and encourages them to embrace the updated, more flexible reporting framework without an immediate assessment of their reporting by the FRC.
Organisations that are current signatories to the Stewardship Code and are scheduled to report in the autumn cycle are still expected to submit their stewardship reports by the deadline of 31 October 2025, in accordance with the principles and reporting expectations of the 2020 Code.
New applicants in 2026—those not listed as signatories to the 2020 Code in 2025—will still be subject to the full assessment process. Further support and feedback will be provided through a range of channels, including publications, webinars, and one-to-one engagement.
Consultation
The updated UK Stewardship Code 2026 was shaped through extensive engagement with stakeholders across the investment community. To learn more about the consultation process and the feedback that informed the changes, please visit the 2026 Stewardship Code consultation page.