Award

Research Services - The impact of proxy voting advisors and ESG rating agencies on actions and reporting by FTSE350 companies

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

05 Aug 2022 at 10:35

Award Notice
Tender

22 Jun 2022 at 15:09

Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited is currently undertaking a procurement process for research services titled "Research Services - The impact of proxy voting advisors and ESG rating agencies on actions and reporting by FTSE350 companies." This tender falls under the research and development services category and is based in London (postal code: EC2Y 5AS). The procurement method is open, with a contract period starting on 8th August 2022 and ending on 17th March 2023. The deadline for submissions was 20th July 2022, and the estimated value of the contract is £55,000, with a minimum value of £45,000.

This research project presents significant opportunities for businesses involved in consultancy and research services, particularly those with expertise in corporate governance, ESG (Environmental, Social, and Governance) practices, and investor relations. SMEs and voluntary, community, and social enterprise (VCSE) organisations are particularly encouraged to participate, as they may bring innovative insights into the impact of proxy advisors and ESG ratings on corporate behaviour. Companies with experience in conducting analytical research and evaluating governance structures will be well-suited to compete for this lucrative contract.

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Notice Information

Notice Title

Research Services - The impact of proxy voting advisors and ESG rating agencies on actions and reporting by FTSE350 companies

Notice Description

THIS IS A CONTRACT AWARD NOTICE The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. Each year the FRC assesses a sample of FTSE350 annual reports to examine the quality of reporting against the UK Corporate Governance Code. An important element of the assessment is the extent to which companies comply with the provisions of the Corporate Governance Code, and where they do not, the quality of their explanations. The 'comply or explain' nature of the Corporate Governance Code allows companies to adjust their approach to governance as appropriate for their business model and individual circumstances. Therefore, in some cases, non-compliance or partial compliance with the Corporate Governance Code is the right approach for a company. The FRC is also responsible for the UK Stewardship Code which sets out the Principles of good investment stewardship. Investors are asked to disclose which third parties they use to support their stewardship activities, the services provided and how they are monitored and held to account. In particular, the Stewardship Code requires signatories to state the extent to which they use the default recommendations of proxy advisors. The aim of this research project is to examine how investors' stewardship and behaviour is affected by those recommendations and ratings. This includes understanding where, and in what circumstances, engagement takes place among companies, investors, and proxy advisors/ESG ratings agencies. PURPOSE AND OBJECTIVES The objective of this research project is to answer several questions: A. What are the impacts of recommendations/ratings given by proxy voting/ESG ratings agencies on FTSE350 companies' behaviour and reporting, and investor voting decisions? This should include the impact on governance policies and practices, and on so-called "tick box" behaviour. B. What have been the processes and outcomes of engagement over the last two years among FTSE350 companies, investors, and proxy voting/ESG ratings agencies? We are particularly interested in three types of bilateral engagement: i. Between FTSE350 companies and proxy voting/ESG ratings agencies on recommendations/ratings given by the latter. ii. Between investors and proxy voting/ESG ratings agencies on recommendations/ratings given by the latter. iii. Between investors and FTSE350 companies on recommendations/ratings given by proxy voting/ESG ratings agencies. In answering this question, we would also like the appointed research team to quantify the frequency of such engagements over the last two years. C. What are the barriers to effective engagement between the parties as set out above? The purpose of this research project is to inform future policy work by the FRC or other agencies. Additional information: THIS IS A CONTRACT AWARD NOTICE

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-528e8bf6-519f-4633-bf16-dfba2a3a6ab3
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/6b577433-5d57-4d11-840b-be9c4810db0f
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME, VCSE
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£55,000 Under £100K
Lots Value
Not specified
Awards Value
£49,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
5 Aug 20223 years ago
Submission Deadline
20 Jul 2022Expired
Future Notice Date
Not specified
Award Date
3 Aug 20223 years ago
Contract Period
7 Aug 2022 - 17 Mar 2023 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Head of Procurement
Contact Email
procurement@frc.org.uk
Contact Phone
020 7492 2300

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

MORROW SODALI

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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