This project was carried out by a team of researchers from Minerva Analytics, the Durham University Business School and the Dickson Poon School of Law, King’s College London, for the Financial Reporting Council (FRC). The research was conducted with the two-fold aim: (i) to help the FRC better understand the current stewardship practices of asset managers and asset owners in areas covered by the UK Stewardship Code 2020 (hereafter ‘the Code’); and (ii) to gain insight into what early changes have taken, or are underway, in response to the introduction of the Code. The research focused on five key research themes set in consultation with the FRC for this project: • Governance of stewardship; • Resourcing of stewardship; • Stewardship activities, processes and outcomes; • Monitoring and reporting; and • Regulatory and institutional environment.