The Financial Reporting Council (FRC) has published the UK Stewardship Code, setting out good practice for institutional investors when engaging with the UK listed companies in which they invest. It hopes this will be a catalyst for better engagement between shareholders and companies. The FRC has adopted the Institutional Shareholders’ Committee (ISC) Code with only limited changes – in particular, the ISC Code’s seven principles and related guidance. The FRC encourages all institutional investors to report on the extent to which they follow the Code; it will list those who have done so on its website from October 2010. For further information on the application on the Code and its main points, please see our July 2010 briefing.