The UK Stewardship Code 2020 is a substantial and ambitious revision to the 2012 edition of the FRC's code, which takes effect from 1 January 2020. The new code sets high expectations of those investing money on behalf of UK savers and pensioners. In particular, it establishes a clear benchmark for stewardship as the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.