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<p> </p><p>Each local authority that administers a pension fund is already subject
to statutory guidance that states that it should recognise the Financial Reporting
Council's Stewardship Code and ensure that the Code is adopted by their fund managers,
investment consultants and advisers. The guidance also states that the authority should
include a statement of its policy on responsible ownership in its statement of the
principles governing its investment decisions and report periodically to scheme members
on the implementation of the policy. Sixteen of the eighty nine local government pension
funds in England and Wales are themselves signatories to the Stewardship Code as asset
owners.</p><p> </p>
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