Proxy firms such as RiskMetrics, Manifest and Pirc, which advise shareholders on their oversight and control of companies, are set to be included in the UK regulator's new code of best governance practice for investors - throwing a spotlight onto their influential role in the market.

The Stewardship Code, published this morning by the Financial Reporting Council, is the first of its kind and sets out broad principles of responsibility for asset managers and their clients; investors such as pension funds, insurers and sovereign wealth funds.