The FRC's revised UK Stewardship Code took effect on 1 January 2026, replacing the 2020 version after an 18-month consultation. For the first time, it includes dedicated guidance for non-equity asset classes — private equity, fixed income, real estate, and infrastructure — covering how stewardship applies beyond shareholder voting and what proportionate reporting looks like in illiquid structures. ESG has been removed from the definition of stewardship itself, with the revised definition centred on creating long-term sustainable value for clients and beneficiaries.