In October 2010, the Association of Investment Companies published revised versions of both its Code of Corporate Governance and its Corporate Governance Guide for Investment Companies.

The majority of the changes to the AIC code and the AIC guide reflect the implementation of the UK Corporate Governance Code, which replaces the Combined Code on Corporate Governance for financial years beginning on or after 29 June 2010, the new UK Stewardship Code (published in July 2010) and changes to the structure of the UK listing regime.

The AIC code provides a framework of best practice for the governance of investment companies. The need for a separate code of corporate governance specific to investment companies (as distinct from the UK Corporate Governance Code which applies to all listed companies) principally arises as a result of the specific features of investment companies, namely that (i) the customers and shareholders of investment companies are the same and (ii) investment companies typically have no employees (with portfolio management, administration, accounting and company secretarial support usually being provided by a third party fund manager).

The AIC guide brings together in a single document those requirements and recommendations from the UK Corporate Governance Code, the AIC Code of Corporate Governance and the Listing Rules which are relevant to investment companies.

View AIC Code of Corporate Governance (28 page pdf).

View AIC Corporate Governance Guide for Investment Companies (60 page pdf).