The National Association of Pension Funds (NAPF) has launched a Stewardship Disclosure Framework to help funds hold their asset managers to account over how well they apply the Stewardship Principles on the fund's behalf.

The aim of the framework is to provide pension funds with greater transparency around the stewardship policies and activities of the 206 asset managers who are signatories to the UK Stewardship Code.

The NAPF has invited all the asset manager signatories to the Stewardship Code to complete and return the framework; JP Morgan, Aviva, Newton and Legal & General Investment Management (LGIM) have already completed their submissions.

Mark Hyde Harrison, NAPF chairman, said: "The Stewardship Disclosure Framework is a powerful tool which provides a simple way for pension funds to see how asset managers apply their stewardship responsibilities.

"It will be invaluable both when funds are assessing prospective managers and when they are holding their current managers to account for how their funds are being managed on their behalf."

He added that the framework will allow managers to demonstrate their commitment to good stewardship.

The framework will provide an 'at a glance' comparison between the approaches of different asset managers, and will be publically available in a dedicated section on the NAPF website under 'Stewardship Central'.

Business secretary Vince Cable said that the framework is an "important contribution" in encouraging the business and the investment industry to develop and promote good practice in stewardship.

NAPF's framework has also been welcomed by Iain Wright, Labour's shadow minister for industry.

He said: "Increasing transparency will help to improve the quality of decision making and help pension fund trustees in comparing and contrasting the investment behaviours of fund managers.

"I hope that this will play a role in improving the stewardship of pension funds, upon which millions of people in this country rely for a safe and financially secure retirement."

First published 16.10.2013

monique_simpson@wilmington.co.uk