Minerva Analytics has been named as a signatory of the UK Stewardship Code for 2026, retaining its status for a fourth consecutive year during the first year of the updated code.

Minerva’s continued signatory status reflects the organisation’s longstanding commitment to responsible investment, good stewardship and practical support for investors navigating an evolving governance landscape.

Since our launch in 1995, Minerva has helped institutional investors strengthen their stewardship approach through expert governance research, proxy voting support, engagement insights and tailored reporting services. Our experience, independence and depth of market knowledge enable clients to meet rising expectations with confidence. Further details on these services can be found in Minerva’s latest UK Stewardship Code report.

Stewardship code shifts

The latest signatory list, published by the FRC, marks the first assessment since the updated Code came into force in January 2026. While existing signatories have retained their status during the transition year, the data provides an initial indication of how firms are responding to the new requirements.

A central feature of the 2026 Code is the introduction of a streamlined reporting structure. Submissions are now divided into a Policy and Context Disclosure, updated every four years, and an annual Activities and Outcomes Report. The change is intended to reduce duplication and allow signatories to focus on material stewardship activity. This change, and others, were covered by Minerva in a briefing and webinar.

Early evidence from the FRC suggests that firms are responding accordingly. The Council reports that around 70% of signatories have reduced the length of their disclosures, with an average reduction of a quarter. Approaches to the new structure vary, with some organisations choosing separate documents while others integrate both elements into a single report with clearer delineation.

This shift points to a broader recalibration of stewardship reporting. Shorter disclosures may improve accessibility and focus, although the extent to which they enhance the quality and comparability of reporting remains unclear at this stage.

Redefinition and market response

Alongside structural changes, the 2026 Code introduced a revised definition of stewardship that removes explicit references to environmental and societal benefits. The change has prompted debate across the market, particularly regarding how stewardship objectives are framed and assessed.

The updated Code also introduces tailored principles for proxy advisers, investment consultants and engagement service providers. For firms operating in these segments, including Minerva, this represents a more defined set of expectations within the stewardship ecosystem.

Signatory numbers see slight decline

The number of signatories saw a small drop, with 290 organisations featuring in the 2026 list compared with 299 in August 2025. The current cohort comprises 197 asset managers, 74 asset owners and 19 service providers.

While the reduction is modest, it comes at a point of transition. Existing signatories have carried over their status while adapting to the new framework, and first-time applications under the revised Code only opened in spring 2026. As a result, participation levels in future years will provide a clearer indication of how demanding the updated requirements are in practice.

The most notable non-returning signatory is BP Pension Fund. Its departure follows BP removing Chair Albert Manifold just months after his appointment following the firms’ 2026 AGM that exposed unusually sharp shareholder unease over governance, oversight and board conduct.

Early signals from the transition year

Taken together, the first 2026 signatory list suggests that the revised Code is beginning to reshape both how firms report on stewardship and how they position their activities within the framework. Reporting appears to be becoming more concise and structured, while changes to the definition of stewardship introduce a more contested interpretive environment.

Further reporting cycles will be needed to determine whether these adjustments lead to more effective stewardship disclosures or simply a more efficient compliance process.