Annual Reviews

The Investor Forum publishes its Annual Review 2025

The Investor Forum publishes its Annual Review 2025

(London, 22nd January 2026)

The Investor Forum today publishes its Annual Review 2025, highlighting how coordinated, Investor Forum-led engagement delivered tangible outcomes for its members and the broader UK equity market during another year of heightened takeover activity, declining listings and continued evolution of listed market ownership.

The Review sets out how outcome-focused stewardship helped protect shareholder value, supported the retention of UK listings and strengthened dialogue between boards and long-term investors at moments of strategic importance

The Annual Review concludes that while progress was made in 2025, continued coordination between investors, companies and policymakers will be required to restore confidence in public markets and ensure the UK remains an attractive place to list, invest and grow.

Delivering high-impact collective investor engagement

In 2025, the Investor Forum delivered five Engagements for Outcome, addressing issues including board succession, capital allocation, transaction oversight and strategic communication. These were complemented by fifteen Engagements for Insight, designed to deepen investor understanding of company-specific risks, governance challenges and strategic priorities.

In several cases where strategic pressure was acute, Investor Forum-led dialogue supported shareholder efforts to ensure companies remain listed in the UK. The Review highlights these interventions as clear examples of how investor engagement can deliver positive real-world outcomes at a time when UK markets face ongoing de-equitisation pressures.

Strengthening stewardship quality

The Forum played an influential role in shaping stewardship practice during 2025, engaging with the Financial Reporting Council and market participants as the revised UK Stewardship Code was developed. Through thought leadership and discussion, the Forum promoted stewardship that prioritises financial materiality, proportionality and outcomes over process.

A guest article by Richard Moriaty, CEO of the FRC notes that the revised Code’s emphasis on quality over quantity, reduced reporting burdens and a sharper focus on long-term value creation, which aligns closely with the Forum’s long-standing approach to collective engagement.

Expanding the Forum’s convening role

A significant development during the year was the successful launch of the Board Dialogue Service, creating a new channel for structured, confidential dialogue between company Chairs and investors. Three FTSE-listed companies participated in the pilot, with discussions covering strategic outlook, board effectiveness and near-term priorities.

Alongside this, the introduction of sponsored events broadened participation across the investment ecosystem. Together, these initiatives reflect the Forum’s growing ability to convene high-quality discussion outside traditional engagement formats, while maintaining its independence and Member-led focus.

Building the Investor & Issuer Forum

The first full year of the Investor & Issuer Forum (I&IF) marked significant progress in bringing investors and issuers together to address shared market challenges. Key deliverables included the publication of the Investor & Issuer Compass, an Ecosystem Map of the UK equity investment chain and a report, in conjunction with research from the London School of Economics, exploring the stewardship implications of pass-through voting.  The I&IF also facilitated a series of cross-industry discussions focused on reducing friction and improving market functioning.

Backed by senior leaders from asset owners, asset managers and listed companies, the I&IF provides a practical platform for aligning expectations, improving understanding and supporting more effective engagement across UK equities.

Contacts:                                                      

Chris Kinder, CEO of the Investor Forum, said:

“2025 marked an important year of progress for the Investor Forum, with a clear increase in engagement activity and a strong focus on delivering practical outcomes for our Members. Over the past year we deepened dialogue with company boards, successfully launched new initiatives such as the Board Dialogue Service, and delivered a wide range of collective engagements and Stewardship 360 projects.

I am particularly encouraged by the breadth of collaboration across the investment chain, including the successful first year of the Investor & Issuer Forum, which has demonstrated the power of inclusive, solutions‑focused dialogue. I would also note our efforts to support Members in retaining companies on the UK market. Thanks to the continued support of our Members and the dedication of the team, the Forum is well‑placed to build on this momentum and deliver even greater value in 2026.”

  • Investor Forum

Chris Kinder

[email protected]

Tel: 020 7611 2218

  • Lansons

Tom Baldock

[email protected]

Tel: 07860 101715

The Investor Forum – Activities in 2025

In 2025 The Investor Forum delivered:

  • 5 bespoke company engagements with Assura, AstraZeneca, Auction Technology Group, BP and Dowlais, on issues including strategy, corporate, transaction oversight and leadership & succession.  This brings our total completed collective engagements since inception to 59.
  • 15 bespoke company meetings to enhance dialogue, including with Marks & Spencer plc to discuss a shareholder resolution, Pennon plc, Severn Trent plc and United Utilities plc on issues impacting the water sector, and with the Chairs of HSBC plc, SSP plc, Smith & Nephew plc, Rio Tinto plc, AstraZeneca plc, Bunzl plc, Diageo plc and BP plc on strategic issues.
  • 3 “Board Dialogue Service” meetings with the Chairs of GSK plc, Prudential plc and Reckitt Benckiser Group plc, covering strategic outlooks and a reflection on Board effectiveness and near-term priorities.
  • 6 key Stewardship 360 projects which addressed material issues or promoted well-functioning markets, including:
    • Reframing the narrative on the UK market – contributing the institutional investor voice to improving sentiment toward the UK equity market.
    • Promoting well-functioning markets – working with Members on seeking to address a number of the problems in companies moving from an AIM listing to the Main market.
    • The stewardship of buybacks – engaging with experts from across the investment system to explore the various aspects of decision making involved in share buybacks, outlining clear responsibilities across strategic decision-making, broker selection, execution oversight and post-programme review, to determine where accountability should lie.
    • Water usage and waste – interacting with sector participants and addressing the key issues.
    • Engaging with the Investment Trust sector – in response to activist activity, the Forum convened its wealth manager and institutional investor Members for dialogue with industry bodies and regulators.
  • The 6th cohort of the Investor Forum Development Programme to promote and encourage diversity and inclusion in the Stewardship community.


NOTES TO EDITORS:

  • The Investor Forum is an independent, not for profit organisation which was founded in October 2014. At the end of 2025, 50 organisations are Members, including asset managers, insurance companies, pension funds, and endowments.
  • Members have ~£18trn in Global assets under management, and £629bn invested in UK equities, which represents ~23% of the FTSE All-Share market cap.
  • The purpose of the Investor Forum is to position stewardship at the heart of investment decision making by facilitating dialogue, creating long-term solutions, and enhancing   value.  
  • The Investor Forum has built a unique public record of 59 comprehensive collective engagements with the Boards of UK-listed companies since its inception, covering issues from succession and governance to the direction and execution of strategy.
  • The executive team comprises senior professionals with international experience as portfolio managers, asset owners, or investment banking sales and research management.
  • The Board is comprised of Directors with a range of stakeholder views, including representatives from Member firms. 
  • For more information go to the following link: The Investor Forum