LONDON, Feb 27 Reuters Britain39;s code of good practice for asset managers will undergo a rootandbranch review to aid economic growth and international competitiveness, its compiler said on Tuesday, in a move that could see pay of top executives bumped up.

The code sets out how asset managers should engage with companies over how they are run to improve longterm returns to investors. It is based on comply or explain, meaning asset managers must disclose when they don39;t apply any of its principles.

There are currently 273 signatories to the code, many based abroad, and representing 43.3 trillion pounds 54.90 trillion of assets under management,

Since the Financial Reporting Council FRC wrote the latest version in 2019, it has been given a remit by government to aid growth and competitiveness.

Britain is seeking ways to boost London39;s attraction a global financial sector through listing and other reforms as Wall Street attracts European company listings and the UK financial sector is largely locked out of the EU since Brexit.

Its clear that now is an opportune moment for a fundamental review process to ensure that the principles of the Code are still driving the right stewardship outcomes for investors while not unduly contributing to reporting burdens, the FRC said in a statement.

The review will focus on whether the code has led to unintended consequences, such as shorttermism in targets.

After meeting with industry participants, the FRC will make concrete…