UK Stewardship Code

In July 2010 the UK Financial Reporting Council (“FRC”) issued the UK Stewardship Code (“Code”). The Stewardship Code aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities.

ICG is a signatory to the Code. Our inclusion was announced by the FRC on 10 March 2022, at which point we published our first Stewardship Report. Our second report was accepted and published in February 2023.

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UK Stewardship Code Report 2022

Statement of Compliance and Disclosure

Front cover of ICG UK Stewardship Code Report 2022
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Writing to our stakeholders in the report, Benoît Durteste, Chief Executive Officer and Chief Investment Officer, said:

We are pleased to publish the second report by Intermediate Capital Group (“ICG’’ or the “Group”) detailing how we implement the UK Stewardship Code 2020 (the “Code”). This report provides an overview of our stewardship approach and sets out how we have applied the Code in the twelve months to 30 September 2022.

As stated last year, we plan to report annually on our activities in line with the Code’s requirements. This report has been compiled with input from the breadth of the business including those working in our Structured and Private Equity, Private Debt, Real Assets and Credit strategies in addition to the ESG Team, Risk, Compliance and Internal Audit and benefits from Executive Director oversight, contribution and review.

These reports will be publicly available on our website and will supplement our current disclosures and reporting. As a UK-listed company and member of the FTSE 100, we produce an Annual Report and interim trading updates, along with an annual Sustainability and People report, which are all also publicly available on our website ( In addition, we provide regular updates on our funds and investments to our clients on a private basis.

As a responsible steward of our clients’ and our own capital, ICG has a clear purpose to provide capital to help companies develop and grow. We do this by investing across the capital structure, with the vast majority of our investments being in unlisted companies. The level of direct influence we have over our portfolio companies varies substantially across our investment strategies given the range of different types of capital we are able to provide. However, our overall belief is consistent: that we are active stewards of our clients’ and our own capital, and that we have an obligation to systematically incorporate a range of stewardship considerations into each investment decision we make and in the way we manage portfolios. Amongst these considerations we also pay due regard to macro trends and environmental, social and governance (ESG) factors. This is not new for ICG; we have long believed that carefully considering these matters as part of our investment process will lead to long-term value creation for our clients and other stakeholders.

I hope you will find this report informative, and we look forward to continuing to focus on stewardship of our clients’ and our own capital and of our portfolio companies.

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Benoît Durteste, CEO and CIO
Benoît Durteste

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