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In March 2019, we reported that the UK’s Financial Reporting Council (“FRC”) was consulting on proposed changes to the UK’s Stewardship Code (the “Stewardship Code”) (see our previous memo here). Those consultations have led to an updated 2020 edition of the Stewardship Code, which will come into effect from January 1, 2020. https://www.cadwalader.com/resources/clients-friends-memos/2020-update-to-the-uk-stewardship-code