The FRC received 105 applications which was substantially more than expected, of which 74 were successful.

This takes the number of signatories to 199, including asset managers with £33 trillion in global assets under management. It is a positive sign that so many investors and service providers want to demonstrate their commitment to effective stewardship, the FRC said.

There was an encouraging level of applications from organisations that were previously unsuccessful. Many have addressed the feedback given by the FRC and have provided better quality reporting of their stewardship activities.