Which of the following is a new area of focus in the UK Stewardship Code 2020?

The UK Stewardship Code 2020 places a significant emphasis on "Outcome" as a new area of focus. This shift represents a broader trend towards assessing the actual impacts of stewardship activities rather than merely outlining processes or activities. The Code encourages institutional investors to demonstrate how their stewardship activities—such as engagement and voting—actually lead to positive outcomes for the companies they invest in and for the wider economy.

The focus on outcomes reflects the growing recognition that the ultimate goal of stewardship is not simply to exercise rights or engage with companies, but to drive meaningful changes and improvements in corporate governance, sustainability practices, and long-term value creation. By concentrating on outcomes, the Code aims to enhance accountability and transparency in how investors report on their stewardship activities.

The other areas—voting, collaboration, and conflicts—while still important components of stewardship practices, do not represent new focuses in the 2020 iteration of the Code. Instead, they are established aspects of investor engagement that the previous versions of the Stewardship Code already addressed.