This article is seeking to update readers on additional changes that will be made to AIM Rule 26, further to an article previously published on our website in February 2018.
The changes, as explained in the aforementioned article, require AIM companies to identify on their website the recognised industry corporate governance code it has adopted and to provide a statement of how it complies and if it departs from the chosen code provide a clear and well-reasoned explanation for that non-compliance. This implementation will now take effect from 28 September 2018 (previously 30 June 2018).
There is also an additional requirement to annually review the above comply or explain principle, with the Company’s website to state the date on which this information was last reviewed.
Furthermore, all new AIM applicants will be required to state the corporate governance code they intend to follow from 30 March 2018 but will have until 28 September 2018 to comply with the provision, coinciding with the implementation date for companies already listed on AIM.
ONE Advisory can help AIM Companies decide which corporate governance code to adopt and work towards compliance with it (and disclosure of non-compliance where appropriate). We have also developed a checklist to assess our clients’ compliance with the 2018 QCA Code (drafted specifically for SMEs) and a template for disclosures to be made in relation to the client’s annual report and website. For further information, please contact Liam O’Donoghue at firstname.lastname@example.org, or +44 (0) 20 7583 8304.