The Financial Conduct Authority’s Vote Reporting Group – an independent working group on which the FCA is observer and secretariat – recently published its proposals for a voluntary, standardised ‘vote reporting template’ for asset managers to disclose their voting activity to the asset owners.
The FCA is concerned that the current system for shareholder vote reporting is insufficiently transparent and does not provide asset owners with sufficient insight into the stewardship activities of the asset managers they engage. This concern was flagged in 2019 as part of the FCA's Feedback Statement on Building a Regulatory Framework for Effective Stewardship (FS19/7). Now, with increasing pressure between market parties in the area of ESG and the looming implementation of the Sustainability Disclosure Requirements (SDR), of which effective stewardship and transparency are crucial ...
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