A record number of companies have pledged to sustainably invest money on behalf of UK savers and pensioners.

The Financial Reporting Council (FRC) announced on Wednesday that more firms than ever before are signed up to its UK Stewardship Code 2020.

The code sets high standards for those investing money on behalf of UK savers and pensioners to create long-term value and lead to sustainable benefits for the economy, environment and society.

The latest round of applications, which took place in spring 2023, saw 27 organisations added to the code’s signatory list, while 164 renewed their status.

This means there are now 277 signatories, representing £44.6 trillion in assets.

Among them are 189 asset managers, 69 asset owners and 19 service providers.

They include the Arts Council Retirement Plan (1994), Aviva Life and Pensions UK Ltd, Barclays Bank UK Retirement Fund, BlackRock, Church of England Pensions Board, Royal Mail Pension Plan, Schroders, and HSBC Global Asset Management (UK).

It comes as UK companies increasingly focus on their environment, social and governance performance this year as they face closer public scrutiny and tightening regulations amid the climate emergency and cost-of-living crisis.

The FRC said it is pleased to see continued growth in the assets other than listed equity covered by the code.

It also welcomed signatories’ progress in sharing their stewardship activities and outcomes, such as improving the board diversity at investee companies and improving disclosure related to climate change and biodiversity.

Mark Babington, executive director of regulatory standards at the FRC, said: “It is great to see a further increase in the number of signatories to the code, alongside the overall quality of reporting continuing to improve.

“The strengthened Stewardship Code encourages signatories to deliver long-term value for clients and beneficiaries in a way that is aligned with their business model and strategy.”

Meanwhile, Andrea Tweedie, head of stewardship at the FRC, said: “The UK Stewardship Code sets high standards for asset owners, asset managers, and the service providers that support them.

“I look forward to continuing to work with the broad range of partners we engage with in further raising the bar for stewardship reporting in the UK, helping to deliver sustainable benefits for the economy, environment, and society as whole.”