This whitepaper examines what UK asset managers disclose under the UK Stewardship Code and what those reports reveal about how stewardship really operates.
Using AI-assisted analysis of 126 published stewardship reports across 40 firms (2020–2025), we surface common patterns, capability gaps, and the practical blockers that stop stewardship delivering consistent outcomes.
We also set out what stronger practice can look like, and the signals asset owners can use to assess stewardship credibility.