A focus on reporting on the impact of stewardship activities is the best way to demonstrate the effectiveness of investment goals, according to a leading global accountancy body.

Responding to the Financial Reporting Council’s (FRC) draft UK Stewardship Code 2026, ACCA (the Association of Chartered Certified Accountants) says effective stewardships requires asset managers and owners to adopt a balanced and holistic approach reporting on what they do and the outcomes their actions achieve. 

Mike Suffield, Director, Policy and Insights, ACCA, said: ‘We strongly support the draft guideline’s focus on demonstrating the actual outcome of stewardship activities. That is why we support the creation of tailored guidance to help signatories to the Code to disclose and explain how effective they are in achieving investment goals.’

ACCA does call on the FRC to make the Guide more specific in key areas. This includes calling for concrete examples concerning changes underway in the business environment – such as evolving employment practices – and encouraging signatories to disclose how they integrate environmental and societal considerations into investment decisions and engagement activities. 

This would help asset managers and owners better understand the long-term sustainable value for clients and beneficiaries and therefore, crucially, further enhance trust and accountability. While the revised stewardship definition focuses on the creation of long-term sustainable value for clients and beneficiaries, ACCA is asking the FRC to do more to emphasise the collective environmental and societal challenges the world faces. 

A key area that needs attention in the Code is fraud, particularly as the Economic Crime and Corporate Transparency Act’s “failure to prevent” offence is effective from September 1, 2025. Rachael Johnson, Head of Risk Management and Corporate Governance, ACCA said: 'We encourage the FRC to address the role of stewardship concerning fraud risk oversight and prevention, given today's accelerating threats and their devastating effects on the economy and society at large. 

‘Board members and investors have crucial roles to play in identifying cultural, governance, and control weaknesses that enable the systemic nature of fraud.’

Read ACCA’s submission here

The FRC’s public consultation is here 

– ends –

For media enquiries, contact:
ACCA News Room
E: newsroom@accaglobal.com
Twitter/X: @ACCANews
accaglobal.com

About ACCA

We are ACCA (the Association of Chartered Certified Accountants), the only truly global professional accountancy body. Since we were founded in 1904, we’ve been breaking down barriers to the accountancy profession. Today we proudly support a diverse community of over 257,900 members and 530,100 future members in 180 countries.
We’re redefining accountancy. Our cutting-edge qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to lead and drive sustainable value in organisations and economies worldwide.
Guided by our purpose and values, we’re leading the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that focuses on people, planet and prosperity to create value for all. 

Find out more at: www.accaglobal.com