The FRC’s recent podcast episode In Conversation: UK Stewardship Code 2026 - What you need to know provides some interesting insights into these recent updates. With a significantly streamlined reporting structure and simplified requirements, the FRC’s goal is clear: to make stewardship reporting more meaningful, engaging, and accessible to a wider stakeholder audience.
One of the most striking themes emerging from the new Code and subsequent draft guidance is the FRC’s emphasis on storytelling. Going forwards, technical detail will be reported on in a ‘Policy and Context’ disclosure every four years, whilst the focus of the annual ‘Activities and Outcomes’ report will be on demonstrating activity and engagement in a way that resonates with stakeholders. For signatories looking to comply with the new Code, the challenge will be to bridge the gap between compliance and communication.
The FRC’s draft guidance provides practical direction for signatories on how to enhance narrative and storytelling through a number of features. One such example is the recommended use of case studies to bring policies and actions to life, helping readers understand and relate to how investment decisions and stewardship approaches are being put into practice. This emphasis on storytelling and accessibility opens the door to richer, more engaging reports that communicate the real impact of stewardship activities.
Whilst the Code applies from 1 January 2026, the FRC have confirmed that 2026 will count as a transition period, during which signatories can report against either the old or new Code, or take a blended approach. This is particularly important as it offers reporters the chance to explore how best to adapt their narratives and experiment with new ways of bringing stewardship to life. At Black Sun, we are well positioned to support signatories through this transition. Our holistic approach which blends strategic guidance and creative storytelling helps reporters develop communications that inspire trust and deliver lasting impact.
As the first reports under the new Code start to emerge, we’re looking forward to seeing how early movers are differentiating themselves and how signatories are embracing the new era of Stewardship reporting.
If you would like to find out more about how we can bring your stewardship report to life and leverage its impact across all of your channels, please get in touch.
Contact: Bob Crosbie-Dawson, Senior Growth Manager
Black Sun Global is a stakeholder advisory and engagement agency that's been driving transformation and positive change for ambitious brands for more than 20 years. With deep expertise in disclosure and reporting, ESG, sustainability, and digital engagement, we reshape how organisations connect with customers, investors, employees, and the wider world.
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