Stewardship codes and standards. Regulators are convinced that engagement adds value within investment portfolios as well as for markets as a whole. This is particularly relevant in the aftermath of the 2008 and 2009 global financial crisis. The first modern globally recognized stewardship code was launched in the UK in 2010 by the Financial Reporting Council, and it evolved from a range of best practice institutional investment principles dating back to the 1990s. The code encourages asset managers and institutional investors to carry out stewardship activities. The code was updated and the 2020 version, which contains 12 principles, put significant focus not only on activities and statements of intent, but on the outcomes of stewardship activity. Investors are expected to report annually on activity and the outcomes from that activity. Annual disclosures by asset managers must include explanations of how stewardship processes delivered effectively on behalf of clients and beneficiaries, and how engagement activities have delivered substantive change at investee companies. The UK stewardship code should be distinguished from the UK Corporate Governance Code. The UK Corporate Governance Code is also overseen by the Financial Reporting Council, but is aimed at investee companies and their governance arrangements, not asset managers or investors. While some of the largest pension funds may seek to carry out stewardship activities themselves, most delegate this role either by specific contract or as part of their fund management services. Thus, the role of most asset owners is to oversee, challenge, and assess the stewardship activities of their service providers. The UK model has been followed around the world. There are now more than 20 stewardship codes in different countries. They were developed by stock exchanges or regulators, or by investor bodies themselves keen to advance best practice. These include the International Corporate Governance Network or ICGN's Global Stewardship Principles. In Europe, the European Fund and Asset Management Association Stewardship Code which was introduced in 2018. In Japan, the Financial Services Agency's principles for responsible institutional investors which was introduced in 2017. And in the USA, the Investor Stewardship Group, that's the ISG's Stewardship Principles.