The UK Stewardship Code was first introduced in 2010, setting the benchmark in the UK for institutional investors to meet ownership responsibilities in respect of their holdings of UK equities. The Code was updated in 2019 reflecting the fact that the investment market had changed considerably since the publication of the first Code in 2010. The new UK Stewardship Code came into force on 1 January 2020 and both the M&G Plc asset manager, M&G Investments, and M&G Plc asset owner, Prudential Assurance Company were successful in gaining recognised signatory status. Although M&G Wealth is not currently a signatory to the Code, it is highly supportive of the UK Stewardship Code as a benchmark in the UK for asset managers to meet ownership responsibilities in respect of the holdings within collective funds they manage on behalf of clients. Next year M&G Wealth is planning to comply with the reporting expectations of the UK Stewardship Code 2020.
The M&G Wealth investment process uses the expertise of the M&G Treasury & Investment Office (T&IO) Manager Oversight Team for recommending selections of the most suitable asset managers to achieve the intended outcomes of the Global ESG Themes portfolios. The M&G T&IO Manager Oversight Team performs robust investment due diligence on asset managers to assess their ability to provide the expected investment performance and positive ESG outcomes, which includes an assessment of the manager’s respective stewardship processes. Asset managers of the funds selected for the portfolios are expected to engage with companies as appropriate to help foster a more sustainable economy and participate in shareholder voting on key issues such as climate change. M&G Wealth believes that inclusion of stewardship factors in the investment process leads to a fund selection that is in the best long term interests of our clients and their underlying customers.
Issued by TCF Fund Managers LLP, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales with company number OC305442. Registered office: 220 Vale Road, Tonbridge, TN9 1SP.
TCF Fund Managers LLP is a subsidiary of M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.