We were delighted to learn that the MNOPF’s Statement of Commitment to the Stewardship Code has received the highest category level given by the Financial Reporting Council (FRC) known as Tier 1. This recognition identifies that MNOPF provides a good quality and transparent description of the Fund’s approach to stewardship and has explained any alternative approaches where necessary.
The Stewardship Code is a set of principles or guidelines set up in 2010 by the Financial Reporting Council (FRC). The Code’s aim is to encourage institutional investors who manage other people’s money, such as the MNOPF, to be active and engage in corporate governance in the interests of their members or policyholders. The Statement of Commitment to the Stewardship Code sets out how the MNOPF Trustee, and our Delegated Chief Investment Officer, implement the seven principles of the stewardship code on behalf of the MNOPF.
In 2016 the FRC assessed signatories to the Stewardship Code based on the quality of their Code statements and the MNOPF was placed in the top tier by the FRC.
Rory Murphy, the MNOPF Chair of Trustees, said “Good stewardship can protect, and indeed enhance, the long-term performance of the MNOPF, a belief that is shared by the Delegated Chief Investment Officer, and so is in the best interests of members and their beneficiaries. I am delighted the Fund has been placed in the top tier, recognizing the quality and clarity of our Statement.”
You can read the MNOPF Statement of Commitment to the Stewardship Code here.