FRC's UK Stewardship Code

The BT Pension Scheme welcomes the introduction of the FRC’s UK Stewardship Code. We believe that this represents an important step forwards to enhance the approach of the investment industry to acting as a good owner of the companies in which it invests. We hope the Code will thereby assist in enhancing the governance and long-term performance of those companies.

The BT Pension Scheme endorses the Principles in the Stewardship Code. In order to deliver its responsibilities as a steward of the companies in which it invests, the Scheme has fostered a wholly-owned subsidiary (Hermes Equity Ownership Services - HEOS) to carry forward this work for the scheme, with the Scheme calling HEOS to account to deliver this active ownership approach. As a global investor BTPS requires HEOS to carry out stewardship internationally. HEOS’ approach to disclosure delivers under the Principles on a generalised basis in satisfying the UK Stewardship code as well as other current and future stewardship codes globally. This can be found on HEOS' website.

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