IMA Stewardship Survey

Since the Stewardship Code was introduced in 2010 with the remit to ‘enhance the quality of engagement between asset managers and companies’, the IMA (Investment Management Association) has worked alongside the FRC (Financial Reporting Council) to monitor use of the code in the form of an annual survey.

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This survey - sent out to the 274 asset managers, asset owners and service providers who had signed up to the Code as of the end of September 2013 - asked several questions around key areas, such as the integration of stewardship into the investment process, monitoring, voting, and public policy statements.

Some key findings are highlighted below:

  • Board issues, strategy and remuneration are the matters respondents consider to be most important and engage frequently on
  • 90% of those that responded to the question on reviewing or updating policy statements had done so in 2013, with 67% making changes
  • When reviewing who approved policy statements, the board and executive committee came joint first with 37 responses each
  • 69% of responders did not change their voting policies or processes in 2013. Of those that did:
    • Four took a stronger stance on companies with limited gender diversity
    • Four are looking to integrate ESG considerations and climate change
  • When looking at how institutional investors monitor investee companies, 89% use the following:
    • regular contact/meetings
    • contact with other investors or general stakeholders of the investee company
    • in-house research team
    • analysis of company news and reports
    • 3rd party research services or use of external media
    • particular person or function is assigned to each company

The report, which provides a more in depth look at Stewardship engagement can be found here. For a quick look back at what changes occurred in 2012, why not view our Need to Know article?