The 2012 update of the NAPF Corporate Governance Policy introduces a small number of changes. Key among these are: greater emphasis on a clear policy for improved board diversity; an enhanced audit committee report, including a statement on re-tendering policy; and simplification of remuneration policies, with greater focus on holding more shares for longer.

These Guidelines are primarily designed for companies listed on the AIM market and other smaller quoted companies. In Ireland, these Guidelines may be of interest to ESM listed companies. The 2012 update of the NAPF Corporate Governance Policy for Smaller Companies introduces a number of changes. Key among these are encouragement to engage more effectively with key shareholders; and improved disclosure around board evaluation and the work of the audit committee.

These guidelines are based on the UK Corporate Governance Code, while utilising the Association of Investment Companies' Code of Corporate Governance to set a framework for investment companies which is consistent with the expectations of long-term institutional investors. The 2012 update of the NAPF Corporate Governance Policy for Investment Companies introduces a number of changes. These follow the policies of the Association of Investment Companies Code in almost all respects.