Drawing on over one hundred conversations with practitioners across the UK equity investment ecosystem, a consistent picture emerges of a UK equity market with strong foundations: accessible boards, well-regarded governance and stewardship frameworks, and a culture of open, transparent dialogue.

At the same time, the system is under pressure, with evolving expectations and a growing need for greater alignment, clarity and consistency.

The Investor & Issuer Compass is our response to this challenge, a practical shared reference point designed to support long-term value creation and more effective collaboration across the UK listed equity market.

Co-created with asset owners, asset managers and listed companies, the Investor & Issuer Compass sets out a shared foundation for alignment, helping market participants navigate complexity and focus on long-term, sustainable value creation. By making interactions more predictable, transparent and constructive, it aims to reduce unnecessary friction and improve outcomes for companies, investors and the wider market.

The Compass does not introduce new requirements but instead brings together existing market principles to provide a consistent reference point for engagement. It is intended to support dialogue between boards and investors, guide internal priorities and reporting, and strengthen cross-industry understanding.

Underpinned by a set of five enabling conditions, including proportionate expectations, constructive dialogue, accountable boards, clear reporting and aligned responsibilities, the Investor & Issuer Compass establishes a common framework to support better stewardship and long-term decision-making across the investment chain.