On 15 December 2009, the London Stock Exchange published a notice proposing amendments to the AIM Rules for Companies requiring the disclosure of the remuneration received by directors in the annual accounts and enabling companies to send documents to shareholders by electronic means.
It is proposed that AIM Rule 19 (Annual accounts) be amended to require companies to disclose directors' remuneration in the annual accounts. It is currently envisaged that this requirement will apply to AIM companies with a financial year ending on or after 31 March 2010.
The proposed amendments to the guidance notes to AIM Rule 14 (Reverse take-overs) and AIM Rule 19 (Annual accounts) will enable all AIM companies to use electronic communications to send accounts and admission documents to shareholders. Currently, only companies subject to the UK Companies Act 2006 can communicate electronically with shareholders in this way. The proposed new provisions are subject to a company's constitution and the law in its home jurisdiction. In order to communicate electronically with shareholders once the new provisions come in to force, companies must either comply with the relevant provisions of the Companies Act 2006 or satisfy the specific requirements set out in the guidance notes to AIM Rule 19.
Any views or comments should be submitted by 15 January 2010. It is currently intended that the new rules will be finalised by the end of January 2010.
View AIM Notice 35 (5 page pdf).