The template builds on the foundation laid by Pensions UK’s original template, introduced in 2020 and incorporates the work of the VRG. It is intended to support improved transparency, consistency and engagement between asset managers and asset owners.
The technical guidance published today provides detailed explanations for each of the fields within the template; clarity on data expectations, formatting, and interpretation; and is intended to maximise the template’s usability and uptake ahead of the 2025/26 reporting cycle.
The guidance reflects feedback from across the industry and is aligned with UK Stewardship Code and DWP Implementation Statement requirements.
It also recognises the operational realities of vote reporting, including the role of third-party data vendors and proxy voting platforms. Asset owners are encouraged to speak to their managers about their readiness for the template and apply a pragmatic approach in the short-term while the guidance is being adopted.
The guidance is available to download from the Pensions UK website.
Zoe Alexander, Executive Director of Policy and Advocacy at Pensions UK, said: “Transparency and accountability matter most to asset owners when it comes to stewardship. By supporting consistent and high-quality disclosures, this guidance aims to ensure vote reporting becomes a more powerful tool for exercising shareholder rights and ensuring that the nation’s retirement savings are invested effectively and responsibly.”
Caroline Escott Co-Chair of the Vote Reporting Group, said: “Voting, alongside thoughtful engagement, is a powerful stewardship tool. I’m therefore delighted to see the launch of the Pensions UK technical guidance, which marks a significant step forward for our industry. The guidance was developed after extensive consultation across the voting ecosystem, ensuring it reflects a wide range of expertise and perspectives. By supporting managers to provide their pension scheme clients with timely and decision-useful information, this guidance will help asset managers to communicate clearly and consistently to their clients and, ultimately, vote in a way that supports good outcomes for scheme members.”
Shipra Gupta, Co-Chair of the Vote Reporting Group said: “The launch of the Pensions UK technical guidance marks an important milestone for our industry, reflecting a truly collaborative effort shaped by diverse voices across the voting ecosystem. It provides practical support to asset managers by streamlining how voting activity is disclosed to clients, bringing together the FCA convened Vote Reporting Group template launched earlier this year with the existing Pensions UK framework, to enhance consistency and clarity in reporting.”
Sacha Sadan, Director of Sustainable Finance at the FCA, said: “The FCA welcomes the publication of this technical guidance to support the new Vote Reporting Template, which integrates the Vote Reporting Group’s template. Voting is an important part of stewardship, and we encourage firms to adopt the template and use it to strengthen transparency and consistency across the investment chain.”
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