Law360, London (October 24, 2019, 2:08 PM BST) -- Asset managers and pension funds will have to disclose their shareholders' voting records on environmental, social and governance factors after the Financial Reporting Council announced a major overhaul of its investment code on Thursday.
The accounting watchdog's revamped stewardship code means fund managers that sign up will have to publish yearly reports showing they have taken matters such as climate change into account when they decide on investment strategies.
They will also have to explain the reasoning behind their decisions and set out how they would respond to systemic risks such as the climate emergency or the failure of their business....
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