The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting high quality corporate governance and reporting. The FRC promotes high standards of corporate governance through the UK Corporate Governance Code.

The UK Stewardship Code, published in July 2010 by the FRC calls for greater collective action among shareholders.

As a consequence of the financial crisis pension funds are now expected to observe this code or explain why they do not and a disclosure to this effect will be a regulatory requirement for asset managers.

We pay due attention as corporate owners and seek to call companies to account for their actions, as can be seen from our Statement of compliance with the UK stewardship code for institutional investors