In the FRC’s recent report, Effective Stewardship Reporting: Examples from 2021 and expectations for 2022, the regulator found there continues to be ‘high quality’ of disclosures in the areas of governance, resourcing, and the integration of stewardship, and Environmental, Social, and Governance. (ESG) factors within investment decision-making

However, there is still room for improvement in explaining how they manage stewardship-related conflicts of interest, how managers review and assure their stewardship activities, and how they monitor and hold to account service providers operating on their behalf.