London, 25 July 2013 – The UK Sustainable Investment and Finance Association (UKSIF) welcomed today’s call from the Business, Innovation and Skills Select Committee for the Stewardship Code to better take into account environmental, social and governance (ESG) factors.  UKSIF was also pleased with the Committee’s recommendation that the Government actively follow through on the recommendations of the Kay Review into Equity Markets and Long-Term Decision Making.

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Caroline Lucas, Green Party MP for Brighton Pavilion, and the UK Sustainable Investment and Finance Association (UKSIF) have called on the Parliamentary Contributory Pension Fund (PCPF) to commit to the UK Stewardship Code. The Code, which is voluntary, aims to enhance the quality of engagement between institutional investors and companies, to help improve long-term returns to shareholders and ensure good corporate governance.

The PCPF has not made a public commitment to the Code since its publication in July 2010. The Green MP and the influential trade body have together written to Brian Donohoe MP, Chairman of the Board of Trustees of the PCPF, requesting a meeting to make the case for the Fund’s signature.

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The UK Sustainable Investment and Finance Association (UKSIF) saluted a ‘breakthrough’ report, released today, that could make the UK the “global centre for responsible stewardship”.

The ‘Kay Review of Equity Markets and Long-Term Decision Making’ was led by Professor John Kay and commissioned by the Department for Business, Innovation and Skills. It was tasked with examining the performance of UK equity markets and its final report has recommended a number of measures including regulatory support for fiduciary standards, more effective reporting and enhancements to the UK Stewardship Code.

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The Pensions Regulator must do more to promote good stewardship practices from leading pension funds, according to the UK Sustainable Investment and Finance Association. The trade body said that encouraging demand for good stewardship practice from asset owners, including pension funds, will be key to the Stewardship Code’s success.

Read the full response to the Stewardship Code consultation.

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