It is worth reading and can be found here : https://www.theaic.co.uk/sites/default/ ... UL16_0.pdf
It has many lovely statements in it which seem to be overlooked by the boards:
In the preamble by the Chief Exec on page 4 it says (inter alia)
andInvestment companies have special factors which have an impact on their
governance arrangements. These special factors arise principally from two features.
Firstly, the customers and shareholders of an investment company are the same,
Accordingly, most of the AIC Code deals with matters such as board independence
On page 8
Fundamentals behind the AIC Code
• Directors must put the interests of shareholders above all others.
• Directors must treat all shareholders fairly.
• Directors should be prepared to resign or take steps that could lead to a loss of office at any time in the interests of long-term shareholder value.
• Directors should ensure that they address all issues of relevance and that they disclose the outcomes of those deliberations in a way that shareholders with limited financial knowledge can understand.
On page 9
15. The board should regularly review both the performance of, and contractual arrangements with, the manager (or executives of a self-managed company).
On page 10
19. The board should regularly monitor the shareholder profile of the company and put in place a system for canvassing shareholder views and for communicating the board’s views to shareholders.
on page 13
on page 19The chairman and the other independent directors should approve the nomination for
re-election of directors and disclose the rationale in the annual report. The
deliberations over any nominee for re-election should take place in the absence of
Recently, turbulent markets have served as a sharp reminder that directors can be personally liable for any errors, omissions or misleading statements in a prospectus.
Oj page 21 there is discussion on manager's fees and incentives - worth a read - indeed the whole document is worth a read before some of the upcoming AGMs
there is more detailed guidance for investment companies here https://www.theaic.co.uk/sites/default/ ... eJUL16.pdf