On 27 November 2007, the National Association of Pension Funds (NAPF) published an updated version of their policy paper entitled "Corporate Governance Policy and Voting Guidelines".

The guidelines are intended to assist shareholders and others in interpreting the Combined Code when considering voting decisions at public company meetings. These guidelines are only intended to apply to those companies whose primary listing is on the main market of the London Stock Exchange. NAPF has previously issued separate guidelines in relation to investment companies and companies listed on AIM.

The full text of the NAPF guidelines can be found at here