Policy briefing: UK Stewardship Code 2026

The PRI’s response to the consultation can be found here. The 2026 Code introduces reforms aimed at supporting long-term value creation while reducing reporting burden for its signatories.

The Code becomes effective on 1 January 2026, with first applications accepted in Spring 2026. The FRC have confirmed that 2026 will be a transition year, allowing firms greater flexibility to experiment with reporting against the new Code without being removed as a signatory.

This briefing covers:

• Changes to Definition and Framing – The FRC has updated its definition of stewardship removing direct reference to “economy, environment and society.” However, the supporting language and overall framing provided in he introduction makes it clear that creating long-term sustainable value means considering a range of issues, including sustainability risks.
• Key Structural Changes – The 2026 Code introduces a two-part reporting structure separating stable organisation information from dynamic stewardship activities. Also, the 2020 Code’s 12 principles for Asset Owners and Asset Managers have been streamlined into 6 principles.
• Reporting Approach and Guidance – The 2020 Code’s detailed expectations which specified particular information areas to be reported against have been replaced in the 2026 Code with concise prompts that indicate expected information. The 2026 Code will also be supported by separate optional guidance that provides practical tips and examples.
• Reporting Content Changes for Asset Owners and Asset Managers – There are several key changes in the reporting content from the 2020 Code to the 2026 Code which this section highlights.
• Implementation Timeline – the 2026 Code comes into effect 1 January 2026 and to help signatories to the Code transition 2026 will be treated as a transition year. The FRC will use this year to give feedback on reporting through a range of formats.

Download the briefing in full below.