What post-financial crisis report led to the creation of the first stewardship code?

The post-financial crisis report that led to the creation of the first stewardship code is the Walker Report. Published in 2009 by Sir David Walker, this report addressed the shortcomings in the governance of banks and other financial institutions revealed during the financial crisis of 2007-2008. It called for clearer accountability and the need for active engagement by institutional shareholders in the governance of the companies in which they invest.

The Walker Report specifically emphasized the importance of stewardship and the role of institutional investors in promoting better governance practices and accountability among the companies they invest in. This laid the groundwork for promoting a formal stewardship code in the UK, which was aimed at enhancing the quality of corporate governance through increased shareholder engagement and oversight.

Other reports like the Oban Report, Kay Report, and Arthur Report have their own merits and contributions to the discourse on governance and investment practices, but it is the Walker Report that is directly associated with the initiation of the first stewardship code in response to the financial crisis.