Association of Investment Companies (AIC) meaning

Quoted companies (other than investment companies) This checklist sets out the UK Corporate Governance Code expectations on the composition of quoted company boards, together with best-practice guidance from leading institutional investor representative bodies. It also draws on guidance from the Quoted Companies Alliance for small and mid-size quoted companies, and from the Association of Investment Companies for investment companies. UK Listing Rules Companies listed in the equity shares (commercial companies) category should confirm in their annual report, on a ‘comply or explain’ basis and by reference to a chosen date within the accounting period, whether they meet the following board diversity targets on gender and ethnicity: a minimum of 40% of the board should be women at least one senior role—chair, CEO, senior independent director (SID) or CFO—should be held by a woman at least one director should be from a minority ethnic background Reference: UKLR 6.6.6. 2018 UKCG Code No less than half of the board,...

Funding, surplus and investment Government urged to amend Pension Scheme Bill’s reserve powers to allow pension funds access to private markets through investment trusts On 25 July 2025, the Association of Investment Companies (AIC) published a press note and an accompanying letter, dated 22 July 2025, to Torsten Bell, Minister for Pensions, urging changes to the current Pension Schemes Bill mandation provisions. The AIC asked the government to enable pension funds to invest in private assets via investment companies, also known as investment trusts, which are presently outside the scope of the Bill’s proposed reserve powers. As drafted, the Bill would grant the government reserve powers to require defined contribution (DC) schemes to allocate a share of their assets to UK private investments. However, the AIC argues that, in its current form, the legislation would stop DC schemes from meeting any mandation where investment trusts are used, as they are excluded from the permitted range of assets for pension schemes, despite their considerable role in financing UK growth...

A Term Explanation AIC Corporate Governance Code (AIC Code) The corporate governance code published by the Association of Investment Companies sets out a best‑practice framework for the governance of closed‑ended investment companies whose shares are traded on public markets. AIM company/AIM companies A company with a class of securities admitted to AIM, the market operated by London Stock Exchange plc. Association of British Insurers (ABI) A trade association representing the UK insurance industry with a focus on corporate governance; following its June 2014 merger with ABI Investment Affairs, the Investment Association (IA) assumed responsibility for the corporate governance guidance previously issued by the ABI. Association of Investment Companies (AIC) A membership organisation representing a broad spectrum of investment companies, investment trusts, venture capital trusts and other closed‑ended funds. Audit, Reporting and Governance Authority (ARGA) A new, independent regulator not yet in place, recommended by the Kingman Review to replace the Financial Reporting Council. Its recommended purpose is to protect investors’ interests and the...

This Practice Note sets out the landscape of corporate governance expectations concerning executive director pay reporting and shareholder voting, as articulated and applied by the principal proxy advisers serving institutional investors across the market. It summarises the respective positions advanced by the IA, Pensions UK, Glass Lewis and PIRC. It also signposts other sources, including the GC100 and Investor Group, the QCA and the AIC, for reference. Recent debate over directors’ remuneration Pay awarded to quoted company executive directors faces unprecedented scrutiny from shareholders, the media and politicians. Alongside legislation and corporate governance rules on executive pay, proxy advisers including the Investment Association (IA), Pensions UK (formerly PLSA), Institutional Shareholder Services (ISS), Glass Lewis, the Local Authority Pension Fund Forum (LAPFF) and Pensions & Investment Research Consultants Ltd (PIRC) issue their own detailed frameworks on executive remuneration and also advise their institutional shareholder members on voting strategy and approaches and a range of wider stewardship matters. Given, in particular, the sizeable stakes in listed companies held by institutional...