On 23 April 2010, the National Association of Pension Funds (NAPF) published its 2010 corporate governance policy and voting guidelines for investment companies. These guidelines replace the March 2007 guidelines. The Association of Investment Companies publishes a code (AIC Code) as a guide to best practice in certain areas of governance where the specific characteristics of investment companies suggest alternative approaches may be preferable to those set out in the Combined Code on Corporate Governance. The NAPF guidelines are based on the underlying principles of the AIC Code. The 2010 guidelines are largely unchanged from the 2007 guidelines but have been updated to reflect changes to the AIC Code and the Combined Code.