In March 2009, the Association of Investment Companies published revised versions of both its Code of Corporate Governance and its Corporate Governance Guide for Investment Companies.

AIC Code of Corporate Governance

The AIC code is intended to provide a framework of best practice for the governance of investment companies. The need for a separate code of corporate governance specific to investment companies principally arises because of the special factors relating to investment companies, namely (i) the customers and shareholders of an investment company being the same and (ii) an investment company typically having no employees with portfolio management, administration, accounting and company secretarial support usually provided by a third party fund manager.

AIC Corporate Governance Guide for Investment Companies

The AIC guide brings together those requirements and recommendations from the Combined Code on Corporate Governance, the AIC Code of Corporate Governance and the Listing Rules which are relevant to investment companies.

The majority of the changes to the code and the guide reflect changes made to the Combined Code as published in June 2008 as well as recent amendments to the Listing Rules following the FSA’s review of the Listing Rules for investment entities. The FRC has confirmed that following the AIC guide should mean that investment companies meet their obligations in relation to the Combined Code and LR 9.8.6R (Annual financial report – additional information) of the Listing Rules.

View AIC code of corporate governance (28 page pdf).

View AIC corporate governance guide for investment companies (56 page pdf).