EFAMA adopts stewardship code to align with EU laws (IPE)

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The European Fund and Asset Management Association (EFAMA) has integrated stewardship principles into a revised version of its Code of External Governance.

EFAMA said it revisited the code, first published in 2011, to bring the language in line with the revised EU Shareholder Rights Directive (SRD) and current terminology.

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A new section was inserted to give more context about how asset managers should carry out their shareholder rights on behalf of their clients. It was also updated and amended to reflect the extended scope of engagement with investee companies, such as environmental and social concerns, compliance, culture and ethics, and performance and capital structure.

EFAMA said the new code was designed to assist asset managers in adopting best practices in stewardship.

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Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has been awarded ‘A+’ and ‘A’ ratings by the United Nations Principles for Responsible Investment (PRI), the world’s leading proponent of responsible investing, as part of the organisation’s 2020 Assessment Reports for signatories.

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