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<p>The UK is a world leader in stewardship standards and the report produced by the
Economic Secretary’s Asset Management Taskforce, <em>Investing with Purpose</em>,
builds on that existing leadership.</p><p> </p><p>The report endorses the Financial
Reporting Council’s internationally respected UK Stewardship Code as best in class,
and recommends to UK government, regulators and industry how to further embed and
improve stewardship standards and the consideration of environmental, social and governance
factors.</p><p> </p><p>The UK Government has already taken actions which speak to
recommendations made in the report. In November 2020, the Chancellor announced the
UK’s intention to make disclosures aligned with the Taskforce on Climate-related Financial
Disclosures (TCFD) fully mandatory in the UK across the economy by 2025, with a significant
portion of mandatory requirements in place by 2023. The UK has also taken on board
the recommendation to support international efforts to enhance and harmonise sustainability
reporting standards, playing an instrumental role in securing important G7 commitments
to move towards making climate disclosures mandatory across G7 economies.</p><p> </p><p>The
clear recommendations in the report apply across the investment chain and will continue
to further enhance the UK’s stewardship regime, ensuring that asset managers are focused
on delivering long-term, sustainable benefits for investors, the economy, the environment
and society.</p>
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