UKGI Stewardship Code Report
UKGI is committed to good stewardship practices and the Financial Reporting Council’s revised 2020 UK Stewardship Code. UKGI is reaffirmed as a signatory to the UK Stewardship Code for a third year; our report provides an update on our stewardship activities during 2022/23 and outlines our stewardship priorities going forward.
22 February 2024 19 MB
Annual Report on the UK Government’s Contingent Liabilities
This report from the CLCC brings together, for the first time, a complete view of the UK Government’s exposure to financial guarantees, indemnities, contingent liabilities, and provisions. It aims to identify the scale of contingent liability risk held by government, improve our understanding around the composition of this risk, determine whether government charges adequately for the risk it takes on and consider how to improve value for money across the portfolio.22 November 2023 4 MB
CLCC Cross-Government Nuclear Decommissioning Cost Review
A Contingent Liability Central Capability thematic review. Nuclear power is a fundamental part of the UK’s future low-carbon energy mix, yet nuclear activity results in the production of hazardous waste which requires management and decommissioning. To maximise the net benefit of nuclear activity it is important to minimise the cost of decommissioning, without sacrificing the safety of the people or sites involved. The CLCC has worked with various departments and organisations to summarise government’s portfolio of nuclear decommissioning cost across the Nuclear Decommissioning Authority, the Ministry of Defence, the Nuclear Liabilities Fund, and Hinkley Point C. The CLCC has sought to outline the uncertainty in these estimates and introduce recommendations to help departments better manage the uncertainty and standardise how these risks are considered.2 November 2023 1 MB
CLCC guidance - Charging for Guarantees and Indemnities
Departments should consider charging parties when using indemnities or guarantees to accept risk from the private sector, as these risks could lead to costs falling on government in the future. This guide is designed to help government departments decide on charging policy for financial guarantees and indemnities, whether using the HMT checklist for contingent liabilities (in which case it should be read in conjunction with other guidance for the checklist) or outside of the checklist process when developing a particular charging approach.
2 June 2023 228 KB
UKGI Stewardship Code Response
UKGI is committed to good stewardship practices and the Financial Reporting Council’s revised 2020 UK Stewardship Code. UKGI became a signatory to the UK Stewardship Code in March 2022, and we are pleased to have been accepted as a signatory for a second year. This refreshed report provides an update on our stewardship activities during 2021/22 and outlines our stewardship priorities going forward.
24 February 2023 22 MB
CLCC Guidance - Contingent Liabilities in Procurement
This document is part of a series to provide guidance to departments regarding the establishment and management of contingent liabilities. It summarises the current guidance on contingent liabilities when carrying out government procurement. Ensuring that all contingent liabilities in procurement are appropriately designed could provide significant reductions to government’s aggregate risk exposure and ensure that risks are adequately managed.
31 October 2023 291 KB
CLCC Guidance - Estimating losses for Guarantees and Indemnities
This guidance will help government departments in estimating losses for financial guarantees and indemnities, principally when completing the HMT checklist for contingent liabilities, but also outside of the checklist process when a department would like to better understand a particular risk exposure.
31 October 2023 477 KB
Exploring the UK government’s contingent liabilities
This progress report from the CLCC summarises what has been achieved since its establishment in 2021 and sets out plans for the future. The report describes what contingent liabilities are and why it is imperative that these risks are well understood and managed. It uses the analysis and projects undertaken by the team to set out what has been delivered over the past year and how we plan to work with departments to achieve our vision for the coming years.
30 June 2022 2 MB
UKGI Stewardship Code Response
The UK Stewardship Code published by the Financial Reporting Council sets high expectations of those investing money on behalf of UK savers and pensioners. UKGI’s report sets out how we meet the Principles for service providers by providing effective stewardship to our portfolio of assets, acting on behalf of Departments.
10 March 2022 5 MB