On 14 October 2010, the Association of Investment Companies (the “AIC”) published the fifth version of its Code of Corporate Governance for investment companies (the “AIC Code”) and the fourth version of its Corporate Governance Guide for Investment Companies (the “AIC Guide”).

The majority of changes to the AIC Code and the AIC Guide result from the implementation of the UK Corporate Governance Code, in place of the Combined Code, for financial years beginning on or after 29 June 2010. The AIC has made further amendments to reflect the new UK Stewardship Code and changes to the structure of the UK listing regime.

The AIC Code provides boards of investment companies with a framework of best practice in respect of the governance of investment companies. It includes confirmation from the Financial Reporting Council that investment companies that follow the updated AIC Guide should fully meet their obligations in relation to the UK Corporate Governance Code and paragraph 9.8.6 of the Listing Rules.

The AIC has also published a further version of the AIC Code for Jersey-domiciled investment companies.