Award

Stewardship Benchmarking Project

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

18 Mar 2021 at 16:15

Award Notice
Tender

18 Jan 2021 at 14:52

Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited has recently concluded the award for the "Stewardship Benchmarking Project," a tender aimed at enhancing corporate governance and stewardship practices within the UK. This procurement, classified under research and development services, was published on 18 January 2021 and had a tender deadline of 15 February 2021. The project aims to understand current stewardship practices among asset managers and owners, reflecting a heightened focus on environmental, social, and governance (ESG) issues as outlined by the UK Stewardship Code that took effect in January 2020. The contract commenced on 15 March 2021 and is set to conclude by 31 August 2021, with an awarded value of £175,000 for the successful supplier, Minerva Analytics Ltd, located in Witham, Essex.

This tender presents significant growth opportunities for businesses involved in research and consultancy services, particularly those focused on asset management, governance, and ESG practices. Small and medium-sized enterprises and voluntary, community, and social enterprises (VCSEs) would find themselves particularly well-suited to participate, given the nature of the project which emphasises innovative approaches to stewardship and the collection of relevant data. Companies that can demonstrate expertise in these areas will be well-positioned to compete for future opportunities, as the FRC may consider repeating the research within the next five years.

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Notice Information

Notice Title

Stewardship Benchmarking Project

Notice Description

THIS IS A CONTRACT AWARD NOTICE - THIS TENDER IS CLOSED The Financial Reporting Council sets the UK Corporate Governance and UK Stewardship Codes; sets UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. The UK Stewardship Code is a voluntary code for asset managers (investment managers), asset owners and service providers (such as proxy advisers, investment consultants and data providers). The Stewardship Code promotes 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. In October 2019 the FRC published the UK Stewardship Code 2020 (hereafter 'the Code'), a substantially updated version of the previous Stewardship Code, which was first published in 2010. The new Code took effect on 1 January 2020 and sets higher expectations for organisations to practice and demonstrate effective stewardship. It now contains twelve Principles for asset managers and asset owners and six for service providers. The Code has a greater emphasis on environmental, social and governance (ESG) issues and covers asset classes beyond UK listed equities. The FRC has also introduced a new reporting process to improve the quality of information disclosed about organisations' stewardship practice. From March 2021, organisations applying to become signatories to the Code will be required to submit an annual stewardship report to the FRC. In this report signatories will explain how they have applied the Code over a 12-month period, detailing their stewardship activities and the outcomes that resulted. The FRC will assess whether Reports have met the reporting expectations of the Code. Organisations meeting the requirements will then be accepted as Code signatories. The FRC will publish the first list of signatories in summer 2021. Purpose and Scope The purpose of this research project is: 1) to help the FRC better understand the current stewardship practices of asset managers and asset owners in areas covered by the Code 2) to gain insight into what early changes have taken place, or are underway, in response to the introduction of the Code The research will survey Asset Managers (AMs) and Asset Owners (AOs) to address five categories of topics: - A. Governance and organisation of stewardship at AMs and AOs B. Resourcing of stewardship C. Asset class and geographical coverage D. Changes in activities and process E. Stewardship data collection Additional information: Notes:- THIS IS A CONTRACT AWARD NOTICE - THIS TENDER IS CLOSED

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-944c5fc4-dfc7-496c-af3a-1cd0e618729a
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/e701d3c6-5857-4027-b45a-7ee76c8362ee
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
£175,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
18 Mar 20214 years ago
Submission Deadline
15 Feb 2021Expired
Future Notice Date
Not specified
Award Date
13 Mar 20214 years ago
Contract Period
15 Mar 2021 - 31 Aug 2021 1-6 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
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

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

MINERVA ANALYTICS

Further Information

Notice URLs

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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