Our 2025 UK Stewardship Code Report

This is our sixth year of reporting on our stewardship activity – and our first under the new stewardship code guidance. We report amid divided narratives, ongoing geopolitical tensions and an unsettled environment. Yet the evidence of our own research suggests that asset owners remain focused on the need for effective stewardship while recognising the growing complexities.

Our responsible Investment Mission Statement sets out our 'ABC for a better future' - achieving net zero, being better stewards and creating positive impact. In this report, we share what we did in 2025 and how we supported clients to be better stewards of capital.  

We did this through helping asset owners to define their expectations, oversee delegated activity, engage effectively with their investment managers and make informed decisions that support long-term sustainable value for beneficiaries. Notable themes for the year included:

• Maintaining a real-world focus. We helped clients take practical actions – rather than being guided by high-level climate ambition – that support real-world emissions reduction.
• Strengthening alignment between asset owners and managers. We engaged directly with managers through our Hymans Engage programme, on issues including transition planning, physical climate risk and stewardship effectiveness.
• Supporting collaboration. In addition to our work through the Investment Consultants Sustainability Working Group and other initiatives, we worked with clients to ensure that their collective views are reflected in policy developments and stewardship actions.

Download the report here

If you have any questions about our report, or if you’d like to discuss things in more detail, please get in touch – or visit the responsible investment page on our website.