Which of the following is NOT among the seven areas typically covered by the top-level principles of a stewardship code?

The correct choice highlights an aspect that is not typically included in the seven core areas of a stewardship code. Stewardship codes are designed to encourage institutional investors to act in the best long-term interests of their clients and beneficiaries, promoting responsible ownership and engagement with the companies in which they invest.

Engagement and escalation, voting, and reporting and transparency are foundational elements of stewardship codes. They emphasize the importance of active involvement in portfolio companies, the exercise of voting rights to support good governance practices, and the necessity of reporting on stewardship activities to ensure accountability and demonstrate how investment decisions align with sustainable practices.

In contrast, stock lending policies are usually more operational in nature and not considered a core principle of stewardship itself. While stock lending can play a role in the broader context of investment management, it does not specifically align with the intended objectives of stewardship codes aimed at encouraging active, responsible engagement and governance standards among investors.