The National Association of Pension Funds (NAPF) announced that its joint licensing agreement with Institutional Shareholder Services Inc. on UK corporate governance services will not be extended once it expires.

The present arrangements will end on 29 June 2014 and until that date the NAPF and ISS will continue to work together, although each organisation will conduct its company engagement separately.

Joanne Segars, NAPF chief executive, said: "The long-standing relationship with ISS has been of real benefit to many NAPF members, as well as to the wider corporate governance community.

"Despite the ending of the agreement both the NAPF and ISS will continue to work together when appropriate for the benefit of NAPF members and all other interested market constituents."

The joint licensing agreement began in 2006. From July 2014, ISS will no longer use the RREV brand in the UK denoting the former NAPF/ISS partnership.

Stephen Harvey, head of ISS, said: "ISS' standard benchmark policy for the U.K. will continue to refer to the best practice principles established by the NAPF. We remain committed to providing the best possible corporate governance services for our clients.

"The end of the agreement will provide further clarity to market constituents over the different roles of the NAPF and ISS respectively, especially with regard to company engagement meetings."

First published 09.10.2013

monique_simpson@wilmington.co.uk