Creating A Positive Dialogue with Regulators, Government and the Media
The Quoted Companies Alliance champions the UK’s community of 1000+ small and mid-sized publicly traded businesses and the firms that advise them.
We believe the public markets can be the best place for companies to source the funds to grow, operate transparently and distribute wealth, fairly.
The QCA seeks to inform policy in dialogue with regulators and government, showcase the latest thinking on leadership, investment, technology and governance through our events and research, and provide a forum to share good practice among our members, who are quoted on the Main Market, AIM and the Aquis Stock Exchange.
Informed by our seven Expert Groups drawn from the membership, we campaign to ensure that regulation is proportionate, while maintaining the necessary protections for investors. Our QCA Corporate Governance Code is followed by the vast majority of AIM companies.
Small and mid-sized publicly traded companies represent 91% of the quoted sector. They employ around 2.1m people and contribute more than £25bn in annual taxation [source].
Our goal is to create an environment where their potential is fulfilled, helping to ensure a healthy and resilient UK economy.
Influencing Regulatory Change
We bring small and mid-sized quoted companies together to build one voice to help create an environment where these businesses can grow and deliver sustainable long-term benefits for investors and wider society.
- We influence: We influence regulatory change and development through our policy work. We engage with our Expert Groups in order to campaign on key policy areas issued by the Government and regulators.
- We inform: Through our guides, events, newsletters, and other communications we arm our members with all the information their business demands, allowing them to make the best decisions for their companies.
- We interact: We provide a forum for small and mid-sized quoted company directors to network and share ideas with other directors, fund managers, brokers and advisors. Through our events, we help put small and mid-size quoted companies in touch with leading players in the market.
To find out more about what we have done in the past year, please see our 2021 Annual Review .
Our Achivements
We have had a number of campaign successes over the years that have helped small and mid-sized quoted companies to keep their businesses ahead. To find out more, visit this section.
2023
Launch of SIP and SAYE consultation – HM Treasury have published a consultation looking at the Share Incentive Plan (SIP) and Save As You Earn (SAYE) schemes. The QCA’s Share Schemes Expert Group has been pressing for reform on these schemes, and the consultation, which will look at opportunities to improve and simplify the scheme, is a welcome development.
Launch of the Non-Financial Reporting Review – the Department for Business and Trade (DBT) published a call for evidence on non-financial reporting in May 2023. The launch of the review follows a report the QCA published on the increasing length of Annual Reports and Accounts. The review will consider potential options for reducing the length and complexity of reporting requirements.
Changes announced to CSOP and EMI – at the Spring Budget 2023, HM Treasury announced certain changes to Company Share Option Plan (CSOP) and Enterprise Management Incentive (EMI) schemes. On CSOPs, the Government announced that businesses can now issues options over shares worth up to £60,000 to each employee (double the previous limit of £30,000). On EMI, companies will no longer have to include details in EMI option agreements of any restrictions on the shares, or declare that an employee has signed a working time declaration when they are issues an EMI option. Both of these changes will be applicable from 6 April 2023. The QCA’s Share Schemes Expert Group were heavily involved in the efforts to make these changes.
2022
Launch of the Investment Research Review – as part of the Chancellor’s Edinburgh reforms, the Government announced the launch of the Investment Research Review (IRR). The decline in the quantity and quality of investment research provision in the UK has been a longstanding concern of the QCA’s, and we have engaged with the Government and regulator on multiple levels in order to highlight our concerns. The IRR will evaluate options to improve the UK market for investment research, including the damaging effects of the EU’s MiFID II rules, and will make a series of recommendations to this effect.
QCA State of the Small and Mid-cap Sector report – the QCA’s report was published following the Chancellor’s recent ‘State of the Sector’ Report to the House of Commons. As its name suggests and, in contrast to the Chancellor’s Report, this Report is focussed on the UK public markets as they apply to small and mid-cap companies. The report looks at why the markets are failing this critically important community, what steps are being taken to ‘fix’ the problems and what further steps should, in our view, be taken in this regard.
HM Treasury State of the Sector report – following a recommendation made by the QCA in its response to Lord Hill’s Listing Review, HM Treasury, in conjunction with the City of London Corporation, published the first annual report analysing the financial services sector of the UK. The report outlines key performance indicators, comparing the performance of the UK’s financial services sector with those of other jurisdictions. It also provides an overview of the initiatives the Government and regulators are working on to improve the overall environment for the sector. This included the principle of proportionality and embedding that into the regulatory framework.
The contribution of small and mid-caps – the QCA, in collaboration with Hardman & Co, published a new report: “Punching above their weight? The contribution of small and mid-cap quoted companies to markets, employment and tax revenues”. The report is a follow up from the one we produced in 2019 looking at the importance of small and mid-sized quoted companies. The report finds that small and mid-caps represent 91% of all quoted companies and have a total market capitalisation of £376 billion. These companies employ over 2.1 million workers and contributed over £25 billion in taxes in 2020/21.
Recommendations of the UK Secondary Capital Raising Review – the UK Secondary Capital Raising Review was published following the Chancellor’s Mansion House Speech was published in July. The Review, which was chaired by Freshfields’ Mark Austin, focuses on secondary capital raising process and contains a series of recommendations aimed at making it easier for public companies to raise money in the UK. We engaged with Mr Austin regularly both during and after the consultation period and feel that many of our concerns have been considered and addressed. We believe that the recommendations, if taken forward, will help to facilitate a healthier environment for companies seeking to raise additional capital in the UK.
Outcome of the Restoring trust in audit and corporate governance white paper – in May, the Government published the outcome of the BEIS consultation on audit and corporate governance reform. The initial proposals were a significant concern for small and mid-cap directors and the wider ecosystem as the reforms would mean vastly increased regulatory and administrative burdens. It was a huge win for small and mid-caps that, having weighed the views of consultation respondents, the Government reconsidered its expansion of the PIE regime from the €200 million threshold for AIM-quoted companies originally proposed. The test of 750+ employees and £750+ million in turnover has been taken forward and ensures that additional burdens will focus on companies that would have a significant impact on the wider economy, rather than simply considering a company of public interest if their shares are traded on public markets.
2021
FCA announces broad overhaul of the listing regime – the FCA published its Policy Statement on its Primary Markets Effectiveness Review towards the end of 2021 (you can view the QCA’s summary here). The statement announces multiple changes aimed at making the UK’s markets more attractive. We engaged positively with the FCA both throughout and after the consultation period had ended and will continue to do so as they look to make changes to the market structure in 2022.
2021/22 AIM Good Governance Review – The QCA and UHY Hacker Young published its AIM Good Governance Review for 2021/22. The review focusses on the post-Covid-19 recovery; ESG; and board performance evaluations.
Changes to UK MiFID – after many years of lobbying the Government and regulators, both domestically and in Europe, on the negative impacts of MiFID II on the quality and quantity of research on small and mid-sized quoted companies, the QCA welcomes the FCA’s Policy Statement announcing changes to UK MiFID’s conduct and organisational requirements. In particular, the research exemption from the inducement rules for small and mid-caps with a market capitalisation below £200 million is especially welcome as we have advocated for many years for an exemption for smaller companies from the unbundling rules.
The contribution of smaller quoted companies to job creation – the QCA, in conjunction with Hardman & Co., published a report, “Good jobs come to those who IPO”, which discovered a significantly positive correlation between companies conducting IPO’s and expanding their workforce.
QCA survey on BEIS audit and corporate governance reform – The QCA successfully completed a survey, conducted by YouGov, which collected the views of over 200 small and mid-sized quoted companies and investors to provide compelling evidence against the potentially damaging reforms being proposed by BEIS. This was in addition to our comprehensive consultation response (see here).
The QCA Board Performance Review Guide – The QCA published its Board Performance Review Guide in 2021. The Guide provides practical guidance for companies in assessing and improving their approach to board performance reviews. The Guide follows on from the Board Performance Review Report the QCA published in conjunction with Henley Business School, which analysed the approach to board performance reviews at various organisations (see here).
The QCA Practical Guide to ESG – The QCA published its Practical Guide to ESG in 2021. The Guide, which was drafted with input from a wide range of stakeholders, particularly small and mid-sized quoted companies and their investors, intends to outline an approach to ESG that is proportionate to the resource constraints of smaller companies, while giving investors and stakeholders the information that they need. It details five steps that companies can take to further develop their approach to ESG.
2021 QCA and Peel Hunt Mid and Small-Cap Investor Survey – The QCA and Peel Hunt published the results of its small and mid-cap investor survey, which focussed on unlocking growth after the Covid-19 pandemic.
Lord Hill Listing Review Report – the Review recommended some significant reforms to the rules that govern how companies raise finance on public markets to ensure that the UK remains an attractive location for companies to list and grow. Of particular note was that the Review included several recommendations that took forward the proposals made in the QCA’s response to the consultation in relation to the Chancellor reporting to Parliament on the quality and attractiveness of the UK’s public markets, the need to re-invent the Standard Listing segment, and Prospectus Regulation reform.
2020
QCA Remuneration Committee Guide – We revised and updated our Guide for company remuneration committees in 2020. The new Guide takes into account the interests of shareholders, executives, the wider workforce and other stakeholders in small and mid-sized quoted companies, and is designed to help committee members be effective in their roles.
2020/21 AIM Good Governance Review – The QCA and UHY Hacker Young published the AIM Good Governance Review which analysed the governance disclosures of 50 small and mid-caps. In particular, the report focussed on: how small and mid-sized quoted companies have responded to Covid-19; how investors examine corporate culture; and what investors want to see from companies in relation to ESG, remuneration and general governance disclosures.
QCA report: ESG in Small and Mid-Sized Quoted Companies – In conjunction with Henley Business School, the QCA published a new report that examines ESG adoption and practice in small and mid-cap companies. The report includes a number of questions that companies, and investors, can ask themselves with regards to their ESG policies and communication.
Covid-19 regulatory alleviations – throughout what was an incredibly challenging an ever-changing market environment, the QCA played both a pro-active and an active role in keeping its members informed and up to date with all the regulatory developments during the Covid-19 pandemic. The QCA also produced, contributed to, and endorsed, several pieces of guidance to ensure our members had the help they needed to tackle the many issues that the pandemic presented.
QCA research report: Retail Investment in Small and Mid-Sized Quoted Companies – The QCA, in conjunction with YouGov, published the result of a survey of over 500 UK retail investors for their views on small and mid-sized quoted companies. The report finds a number of practical points a company can use to form part of a strategy to increase retail investor engagement.
CSDR – The QCA worked over many years to highlight the potential negative impact on liquidity in small & mid-cap securities that bringing in the new EU settlement discipline regime (the Central Securities Depositories Regulation (CSDR)) would have caused. If implemented, its introduction would have had a seriously detrimental impact on the ability of smaller quoted companies to raise capital, as well as on the functioning of capital markets for SMEs in the UK. We welcome the Government’s decision to not implement it in the UK (see here).
QCA Non-Executive Directors Survey – The QCA published research on Non-Executive Directors in small and mid-sized quoted companies, which included information on: salaries; working hours; knowledge, skills and experience; independence; positions; value for money; board evaluations; and recruitment.
2020 QCA and Peel Hunt Small and Mid-Cap Investor Survey – The QCA and Peel Hunt published the results of its small and mid-cap investor survey, which highlighted current de-equitisation trends and what can be done about it. In particular, the results of the survey were used as evidence to stress to Government and the regulators the concerns of companies and investors.
2019
Brydon Review of Audit: The report included QCA recommendations that any reform pays due regard to proportionality in relation to company size and resources
QCA Audit Committee Guide: We revised and updated our guide for company audit committees for 2019
European IPO taskforce: QCA CEO Tim Ward invited to join the new taskforce to influence the incoming European Commission on how to encourage IPOs
Corporate Governance on AIM Research Report: YouGov survey results find that 39% of AIM companies say that adopting the QCA Corporate Governance Code has helped their business
Contribution of small and mid-sized quoted companies: New research from QCA and Hardman & Co find that small & mid-caps make up 93% of UK quoted companies, employ 3 million people and contribute over £26bn in tax
2018
QCA Corporate Governance Code: The publication of the updated QCA Corporate Governance Code and adoption by 89% of the companies on AIM.
UK Corporate Governance Code: The reinstatement of some smaller company exemptions in the UK Corporate Governance Code that were proposed to be removed in the FRC’s consultation.
Kingman review of the FRC: The Kingman Review accepts the QCA’s suggestion that the new regulator to replace the FRC has to act in a way that “is proportionate, having regard to the size and resources of those being regulated and balancing the costs and benefits of regulatory action”.
Entrepreneurs’ Relief: HMT’s relaxation of ER in the 2018 Budget, as well as the resolution of an anomaly on intangibles degrouping.
2017
MiFID II: The FCA’s decision to continue to allow fund managers to receive small-cap investment research without payment where it has been commissioned and paid for by a smaller quoted company, including when issuing new shares.
Entrepreneurs’ Relief: HMT’s changing of the qualifying rules for Entrepreneurs’ Relief in the Autumn Budget to ensure that entrepreneurs are not discouraged from seeking external investment through the dilution of their shareholding.
2016
Capital Gains Tax entrepreneurs’ relief – extension to long-term investors: We achieved the extension of entrepreneurs’ relief to external investors in unlisted trading companies for newly issued shares after a long-term campaign.
2015
Simplifying the Prospectus Directive: We produced detailed proposals for changes to the Prospectus Directive so that companies are able to raise finance more efficiently. The European Commission’s proposal for amending the Directive included a number of our proposals, including an exemption for fundraisings below €10m from the need to have a prospectus, a minimum disclosure regime for secondary offers, a minimum disclosure regime for SMEs and companies on SME Growth Markets, and the ability for companies on SME Growth Markets to incorporate information by reference into their prospectuses.
Became a member of the Takeover Panel: We became a nominating body of the Takeover Panel as it was felt that the smaller company constituency should be represented. Our CEO, Tim Ward, is our appointed representative on the Takeover Panel and our former Chairman, Michael Higgins, as our alternate.
Reduced the Financial Reporting Council levies for small companies: We campaigned for the proposed Financial Reporting
Council levies to be reduced following the FRC’s plans to increase them in its Draft Plan, Budget and Proposed Levies 2015/16. The Financial Reporting Council took on board our comments and reduced the proposed levy increase for companies with the smallest market capitalisations.
Campaigned against proposed restrictions on how investment research is paid for: We participated in the MiFID II review and responded to
the FCA’s proposals on the use of dealing commissions to ensure that investment research in small and mid-size quoted companies is not eroded.
Persons of Significant Control (PSC) Register: We are working with BIS, as members of the PSC register working group, to develop the statutory and non-statutory guidance that will accompany the PSC register and ensure that the administrative burden impact on small and mid-size quoted companies is reduced.
CSD Regulation – ESMA’s basic cash penalty rate proposal originally neglected the differences in liquidity of shares, setting penalties which would in effect disproportionately penalise small and mid-size quoted companies and the trading of their shares. After we stressed that this unintended effect and provided evidence to support it, ESMA amended the Technical Advice to the Commission in its Final Report, recommending that penalty rates should duly consider the liquidity of the instruments and significantly reducing the penalty rates for illiquid shares and SME Growth Market shares.
2014
Audit Committee Guide for Small and Mid-Size Quoted Companies: We published our revised guide for audit committee members to assist them in being effective in their roles, meeting the expectations of investors and complying with best regulatory best practice for small and mid-size quoted companies.
Market Abuse Regulation and insider lists: We successfully campaigned for an exemption in the recently reviewed Market Abuse Regulation so that companies on SME Growth Markets, such as AIM and ISDX, will not have to produce insider lists.
Removal of stamp duty on the trading of AIM and ISDX shares: We successfully campaigned for the removal of stamp duty on growth market shares, which came into effect on 28 April 2014.
Are You Ready to Grow as a Quoted Company?: We published our revised guide, which helps companies to evaluate whether they are prepared and suitable to raise finance on a public equity market. Covering areas such as business models, characteristics of good management teams, corporate governance and liquidity, the guide describes some of the ideal attributes of quoted company from an investors’ point of view.
AIM Rule 26: We successfully campaigned for a change to AIM Rule 26 to help improve governance behaviour, which requires AIM companies to state on their website the corporate governance code they apply, how they comply with the code, or if no code has been adopted, state this and explain its current governance arrangements.
IFRS Foundation’s Disclosure Initiative: We successfully campaigned for the IFRS Foundation to consult on the issue of disclosure overload and materiality.
2013
Engineering Growth for Small and Mid-Size Quoted Companies: We held our annual one-day conference to highlight the importance of small and mid-size quoted companies in the UK economy. Our keynote speakers was The Viscount Younger of Leckie, Parliamentary Under Secretary of State at the Department for Business, Innovation and Skills, and the day included panel sessions on the availability of finance, corporate governance, and fund managers and investment.
Corporate Governance Code for Small and Mid-Size Quoted Companies: We published our revised guide, which helps quoted companies put into practice appropriate corporate governance arrangements and encourage positive engagement between companies and shareholders. Our Code is widely recognised as an industry standard for those growing companies for which the UK Corporate Governance Code is not applicable.
Inclusion of AIM and ISDX shares into ISAs: We achieved the inclusion of AIM and ISDX shares in Individual Savings Accounts (ISAs) after a long-term campaign.
2012
Engineering Growth for Small and Mid-Cap Companies: We held our first one-day conference to highlight the importance of small and mid-size quoted companies in driving economic growth. There were over 160 attendees and David Gauke MP, Exchequer Secretary to the Treasury, was our keynote speaker.
Remuneration Committee Guide for Smaller Quoted Companies: We published a new guide this year to help our members tackle the controversial issues surrounding executive pay and arm them with the latest information.
2011
QCA/BDO Small and Mid-Cap Sentiment Index: Developed, in partnership with BDO LLP and YouGovStone, the QCA/BDO Small and Mid-Cap Sentiment Index – a quarterly online survey that tracks business and economic confidence of the small and mid-cap quoted sector.
Prospectus Directive: Secured a commitment from the Government to bring in two key changes to the Prospectus Directive as soon as possible, which will make raising equity more efficient for quoted companies. Companies in the UK are now able to raise up to €5m or issue an offer to 150 people or less without having to produce a prospectus, as of 31 July 2011.
Venture Capital Schemes: Achieved an extension of the Enterprise Investment Scheme and Venture Capital Trusts so that more quoted companies could benefit from investment from these schemes.
Disguised Remuneration: Achieved amendments to HMRC’s anti-avoidance tax legislation on disguised remuneration, ensuring that quoted companies can continue to run their share schemes and incentivise employees without a significant amount of added complexity and cost.
2010
Prospectus Directive: Successfully campaigned for the European Commission and European Parliament to double the threshold above which a prospectus needs to be produced from €2.5m to €5m; to introduce a proportionate approach to disclosure for SMEs and companies on regulated markets with a market capitalisation below €100m; and to exempt issues under employee share schemes. This will all help to ensure small and mid-size quoted companies can raise capital more quickly and efficiently.
Small and Medium Listed Issuers: Campaigned with French and German trade associations for Christine Lagarde, French Minister for the Economy, Industry and Employment, to sponsor an independent review of European Directives affecting small and mid-size quoted companies. This resulted in Fabrice Demarigny, Partner at Mazars and former Secretary General of CESR, proposing measures for an EU Listing (Small Business) Act. The report followed extensive consultation across Europe and included several meetings with our members.
Enterprise Investment Scheme (EIS), Venture Capital Trusts (VCTs), AIM shares’ inclusion in ISAs: Working closely with the London Stock Exchange and other market participants, we campaigned for the Treasury to extend current tax incentives, such as allowing AIM shares to be included in ISAs, widening the scope of EIS and VCTs and ensuring any CGT reliefs are beneficial for the sector. This resulted in the announcement by the previous administration of a consultation to consider changes. We were subsequently able to put forward our proposals in person to the Secretary of the Exchequer ahead of the Emergency Budget.
Are You Ready Guide: Launched a new guide for companies aspiring to go public, endorsed by leading figures of the investment community.
HM Treasury Roundtable Discussions with our members: Improved our engagement with HMT officials in their Primary Market team through setting up four roundtable discussions on general market improvements, involving corporates, stockbrokers, other advisers and investors. We also organised a specific roundtable discussion on non-bank lending to put corporates views directly to Treasury officials.
E-petition on Number 10 website: We attracted 462 signatures for our petition requesting the previous administration to set up a working group to design an appropriate structure for UK equity markets. The petition was closed as a result of the change of government.
2009
Review of the Prospectus Directive: Following our campaigning, a number of our proposals were consulted upon in the review of the Prospectus Directive. These include the possibility of a simplified prospectus document, raising the current annual amount (€2.5m) which can be raised without having to produce a prospectus, removing the need for a prospectus for offers to existing shareholders, and exempting issues under Employee Share Schemes.
2008
Pre-Budget Report: A number of our proposals to ease the impact of the current economic crisis were included in the Chancellor’s Pre-Budget Report, including a withdrawal of the planned increased in the small companies’ rate of corporation tax and additional carry back of losses up to £50,000 for three years.
Financial Reporting Council’s Combined Code Review: We achieved a concession whereby, in a company outside the FTSE 350, the Chairman may be a member of the Audit Committee (but not its Chairman), so long as he is deemed independent on appointment.
Climate Change Act: Achieved delay to section 80 of the Bill (which called for all companies that have to produce a Business Review to report on their carbon emissions), until there a generally accepted method of measurement and reporting has been developed.
2007
New AIM Rules: As part of our NOMAD committee’s (now the Corporate Finance Expert Group) work on the new AIM Rules introduced in February 07, achieved removal of blanket disclaimer on AIM documents proposed by Stock Exchange.
2006
Filing dates: Our Tax Expert Group campaigned against the Government’s proposal to align the dates for submitting tax returns to HMRC with submitting accounts with Companies House, which would have accelerated tax return preparation by at least three months. The Pre-Budget Report in December 2006 announced that there would be no change.
Directors’ Liability: Our Legal Expert Group successfully campaigned against the Treasury’s proposal to extend the new liability regime of the Transparency Directive to AIM companies.
Company Law: Along with the ABI and the IoD, we successfully campaigned for the government to include greater protection against litigation as part of the shake-up to company law and ministers agreed to adopt a ‘safe harbour’ system.
2005
Prospectus Directive: With APCIMS, we overturned a potentially costly and time-consuming UK interpretation of the Prospectus Directive relating to capital raising by small and mid-size quoted companies.
2004
Operating and Financial Review: Together with other organisations, we successfully persuaded the DTI (now BIS) to loosen the legal structure of their original proposals and the involvement of auditors. This move should enable company directors to produce more meaningful reports for shareholders, and also avoid extra audit costs.
2003
London Stock Exchange fee reduction: We, along with many other bodies, registered their disappointment with the substantial fee increases introduced in April 2002, especially as they were introduced alongside cuts in service levels. The LSE announced that the fee increases were to be reduced.
Transparency Directive: We successfully campaigned strongly against the mandatory nature of the proposal requiring all quoted companies to publish quarterly profit/loss accounts.
Higgs report: We were asked to provide company representatives to give their views on Corporate Governance to Derek Higgs during the research phase of his work. Their comments led to the creation of the small and medium sized company chapter. We also obtained a key concession, with small and mid-sized quoted companies only required to have two NEDs, saving companies considerable costs over time.
Profile of the sector: The FT dropped its small and mid-size quoted company sector coverage in 2003. We made representations that coverage should continue to encourage investment in the sector. It was reinstated, with a specific column dedicated to small and mid-size quoted companies. The Times subsequently increased its small cap coverage.
Original Prospectus Directive Proposals: Following our campaigning activities, the requirement for all quoted companies to update their prospectus annually was dropped by the Commission. This’win’ is estimated to have saved quoted companies an average of £100k per annum.
2001 to 2003
EIS relief: Original proposals were for this relief to apply only to companies with under £10m of gross assets. Due to continued QCA lobbying activities, this threshold was increased to £30m.
The principal objective of the Quoted Companies Alliance is to operate as an independent membership organisation championing the interests of small and mid-sized quoted companies. Visit this section to find out more about how we operate and are governed.
We believe small and mid-caps have a major impact on the UK economy as well as wider society. As such, we are set up in a way that ensures inclusivity and legitimacy so that our work is informed by the experiences and interests of those we are impacting. This is achieved by ensuring a board of directors representative of our community, well focused committees and seven expert groups composed of experienced professionals drawn from our membership. We endeavour to ensure a fair, diverse and inclusive representation within our leadership as well as a transparent and open governance process.
We are a private company limited by guarantee without a share capital, as such, we do not make distributions to our members.
The directors of the company are the guarantors, each of whom has undertaken to contribute to the assets in the event of the company being wound up such amount as may be required, not exceeding £1.
The Board
The directors are appointed by the full membership at the annual general meeting and are appointed for a term of three years. They are eligible for re-election for two further terms, unless it is agreed by the board of directors that they may offer themselves for re-election beyond that time. A President, the Chair, the Deputy Chairs and the Treasurer are appointed as required by the board.
The board determines the strategy of the organisation and approves the annual budget and sets the annual membership fees for corporate and advisor members as part of that process.
The board has scheduled meetings at least 4 times per year. Committee meetings are organised to dovetail with the board meetings.
A list of directors is available here on our website.
Committees
The Operations Committee reviews performance against budget and monitors the day-to-day activity of the company. The Remuneration Committee sets the remuneration of the Chief Executive and approves the remuneration of the other members of staff. There is also a Nomination Committee that oversees, and recommends changes to, the composition of the board, the appointment of the Chair and Chief Executive, as required.
Expert Groups
Much of our operational output is driven by seven expert groups that focus on policy and good practice. Working groups are established on subjects that involve more than one expert group and will also include participants drawn from the board and the wider membership.
In order to ensure that the work of the expert groups coordinates with the strategy of the organisation, chairs of the expert groups meet together and with members of the board at least twice a year.
Details of our expert groups and their scope of work are available here on our website.
Reporting to the Membership
The Annual Report and Financial Statements are approved by the board and are filed at Companies House.
An Annual Review describing the work of the organisation is published each year.
A list of members is available here on our website.
Meet The Team
We are a small team with big ambitions: to represent our members' interests with government, regulators and the media.
“The QCA's guidance in simplifying complex regulation is a valuable resource and reference point in achieving our corporate governance commitments.”
Dick SteeleChairman, Portmeirion Group plc
James Ashton is Chief Executive of the Quoted Companies Alliance, the members’ organisation that champions small and mid-sized companies whose shares are publicly traded. James was City Editor and Executive Editor of the Evening Standard and Independent titles and before that City Editor of the Sunday Times. He is the author of several business books and chairs Oscar’s Book Prize, the annual search for the UK’s best picture book. James is also a non-executive director of Finsbury Growth & Income, the FTSE 250 investment trust.
Cleo is the PA to the CEO. Cleo is the secretary for the board of directors and is responsible for the general management of the office.
Hayley is the Head of Operations and joined the Quoted Companies Alliance in 1997. She is responsible for the development of member benefits and services, ensuring that members needs are addressed and helping members to make the most of their memberships. She also manages and develops sponsorship opportunities.
She previously worked at BDO LLP.
Chris is the Membership Manager and joined the Quoted Companies Alliance in 2001. Chris ensures our members’ needs are addressed and is responsible for providing daily assistance to new and existing members.
Ruby is the Communications Officer and joined the Quoted Companies Alliance in May 2021. She is responsible for communication activities around policy, membership and events.
Her background is in Corporate Communications & PR, Corporate Social Responsibility and Sustainability and she holds a Msc in Global Governance and Public Policy from Birkbeck University.
Jack is the Head of Policy and is responsible for building the organisation’s policy positions and strategy, leading on engagement with policymakers and regulators, responding to consultation papers and maintaining and updating the QCA’s Corporate Governance Code and various guides and reports.
Prior to joining the Quoted Companies Alliance, Jack worked in a Public Affairs role for a major international charity and also worked for Victoria Prentis MP in her constituency office and interned for Andrea Leadsom MP. Jack holds a BA (Hons) in International Relations from the University of Leeds.
Ben is the Policy Officer and joined the Quoted Companies Alliance in February 2023. He is responsible for coordinating the work the of the seven policy expert groups, responding to consultation papers and contributing to the organisation’s policy positions.
Prior to joining the QCA, Ben worked in both Policy and Grant Fundraising in the charity sector. Ben holds a BA (Hons) in Politics from Newcastle University and an MA in Legal and Political Theory from University College London (UCL).
Claire is our Marketing & Events Executive and joined our team in August 2023. She is responsible for coordination of events for the Quoted Companies Alliance & supporting the Head of Marketing & Events.
Iqra is the Policy and Research Manager at the QCA. Her role involves leading on the development and production of key reports and publications to provide a robust evidence base to support the organisation’s work. She monitors the market for any political and regulatory developments whilst also working on consultation responses in collaboration with members of the QCA community.
Prior to joining the QCA, she was a senior research analyst at a legal research firm. She holds an MSc in International Public Policy from UCL and a BA (Hons) in English Literature from the University of Kent.
Khin is a financial accountant with an over 15-year career in financial accounting. Her professional journey has encompassed roles in the private sector and entrepreneurship before she joined her current position as a Management Accountant at QCA, where she is responsible for all financial aspects of the organisation.
Our Membership Directory
The QCA's membership is made up of growing companies whose shares are publicly traded on any UK stock exchange, as well as the firms that support them: brokers, nominated advisers, accountants, lawyers, registrars, banks, corporate financiers, investors, technology providers, PR consultants, IR experts, headhunters. To find out more, search our Membership Directory.
DirectoryOur Board of Directors
QCA directors are drawn from across the membership, the City of London and UK plc.
Judith MacKenzie became Chair of the Quoted Companies Alliance in October 2022.
Judith is a Partner of Downing LLP having joined Downing in October 2009. She is Partner responsible for the Public Equity Division which manages a number of strategies with a value boas. Judith is Lead Manager on the award winning MI Downing Micro Cap Fund and Downing Strategic Micro-Cap Investment Trust. Previously she was a partner at Acuity Capital managing AIM-quoted VCT and IHT investments and a small-cap activist fund. Prior to Acuity, Judith spent c. 8 years as a senior investment manager with Aberdeen Asset Management Growth Capital as co Fund Manager of the 5 Aberdeen VCTs, focusing on technology and media investments in both the public and private arenas. In total Judith has over 20 years micro-cap and small cap fund management and broking experience. Judith is a Member of the Chartered Institute for Securities & Investment and sits on a number of public and private company Boards.
Claire Noyce has been Deputy Chair of the Quoted Companies Alliance since October 2019.
Claire is founding partner and CEO of Hybridan LLP, an AIM broker and adviser, dedicated to fundraising, share price support and providing market-driven corporate finance advice.
Claire was previously at Nomura in the UK Small Cap Life Sciences and Technology Sales and Trading team, where she sold equities to UK and Continental European investors. Prior to joining Nomura, Claire was an equity analyst at Lazard, with a significant involvement in IPOs and capital market transactions. Claire started her career as an analyst and consultant at Datamonitor. Claire has a Double Honours Degree from Manchester University, where she also undertook some postgraduate studies. Claire is a mentor at Manchester University.
Paul Watts is our Treasurer and is a Partner at RSM. Paul has been Treasurer since October 2010 and has been a member of our board since 2009.
Paul is a capital markets and audit assurance partner at RSM in London specialising in listed companies. He has been with RSM (and its predecessor firms through various mergers) since 1985. Paul is a Fellow of the Institute of Chartered Accountants in England & Wales and a member of the Securities Institute.
He heads the RSM UK energy and natural resources sector group and also runs the RSM UK/Asia Pacific desk coordinating work between the UK and key Asia Pacific markets including China. With over 30 years of experience, Paul has worked on many flotations and capital markets transactions in the UK for domestic and international clients, primarily in the energy and natural resources, technology, media and financial services sectors.
Gervais Williams was a previous Chairman of the Quoted Companies Alliance and took on the honorary, non-board position of QCA President in October 2023.
Gervais manages a number of funds that aggregate to over £1bn. He is also Senior Executive Director at Miton Group plc. Gervais’s fund management career extends over 30 years including 17 years at Gartmore. In 2011, he joined Miton Group plc where he has set up a number of new funds with Martin Turner, that in aggregate now exceed £1.5bn. He sits on a number of industry bodies including the board of The Investment Association, and is an advisor the AIM Advisory Council and the government’s Patient Capital Review.
Gervais is the author of a number of books on the changing economic outlook going forward, and a regular industry commentator on the Radio 4 Today program. His first book 'Slow Finance' was published in the autumn of 2011, with his second book 'The Future is Small' in November 2014, and his third book ‘The Retreat of Globalisation’ in December 2016.
James Ashton is Chief Executive of the Quoted Companies Alliance, the members’ organisation that champions small and mid-sized companies whose shares are publicly traded. James was City Editor and Executive Editor of the Evening Standard and Independent titles and before that City Editor of the Sunday Times. He is the author of several business books and chairs Oscar’s Book Prize, the annual search for the UK’s best picture book. James is also a non-executive director of Finsbury Growth & Income, the FTSE 250 investment trust.
Georgina Brittain is managing director and is a portfolio manager for small and mid cap strategies within the J.P. Morgan Asset Management International Equity Group – Behavioural Finance Team, based in London. Georgina is a fund manager for the JPM UK Smaller Companies Fund, the JPMorgan Smaller Companies Investment Trust and co-manager for the JPMorgan Mid Cap Investment Trust. She is also a co-manager for a range of European small cap funds. An employee since 1995, Georgina was previously an analyst in the UK research department. Georgina obtained an M.A. in Classics from Oxford University, and earned a Diploma in Law from City University, London. She is a qualified barrister.
James became Chief Financial Officer of Breedon Group Plc at the beginning of 2021, who is engaged in supplying construction materials. Its products are Aggregates, Asphalt, Ready mixed concrete, Concrete Blocks and Cement.. From 2019 to 2021, he was Chief Financial Officer at Safe Harbour Holdings plc in 2019, an AiM listed investment vehicle seeking to acquire assets engaged in B2B distribution and/or business services across a range of sectors. From 2010 to 2019 he was the CFO of Tyman plc, a leading international supplier of engineered components to the door and window industry. Prior to joining Tyman he was a director in the investment banking division of Citigroup, having also worked for HSBC and Ernst & Young. James is a Chartered Accountant and is an alternate member of The Panel on Takeovers and Mergers on behalf of the Quoted Companies Alliance.
Steven has been the Chief Executive of Peel Hunt since 2016. Prior to become Chief Executive, he co-ran the firm as Managing Partner and Head of Equities. Steven led the management and staff buy-out of Peel Hunt from KBC bank in 2010.
Steven was a founding member of D. E. Shaw Securities International, which later became the core of KBC Financial Products. At KBC he managed the Japanese and Asian Equity, Convertible and Derivatives operations in Tokyo.
Steven has been a judge for the Non Executive Director Awards for over 10 years. Steven has an accountancy degree.
Steven was a founding member of D. E. Shaw Securities International, which later became the core of KBC Financial Products. At KBC he managed the Japanese and Asian Equity, Convertible and Derivatives operations in Tokyo.
Steven has been a judge for the Non Executive Director Awards for over 10 years. Steven has an accountancy degree.
Peter Harris joined Next 15 Communications Group plc as its Chief Financial Officer in November 2013 and was appointed as Executive Director in March 2014. Peter’s financial experience spans 30 years and he has extensive media experience, having spent the last 20 years in finance roles in the media sector. From July 2013 until December 2018, he was a Non-Executive Director of Communisis plc and Chairman of its Audit Committee. He was previously the Interim Finance Director at Centaur Media plc, Interim CFO of Bell Pottinger LLP, CFO of the Engine Group, and CFO of 19 Entertainment. Prior to that, he was Group Finance Director of Capital Radio plc. Peter has considerable experience in UK and US listed companies, with international exposure.
Scott Knight is an Audit Partner at BDO LLP. Scott leads BDO’s Audit & Assurance practice nationally which comprises 1,400 people and accounts for over a third of the firm's revenue. He is also a member of the firm's Leadership Team and the Risk Committee.
Scott is a specialist in the governance issues facing smaller listed companies and writes extensively on this area. He is a member of the FRC's Audit & Assurance Council which advises the FRC on matters in this area.
Scott also specialises in the Natural Resources sector where he acts for a number of AIM listed exploration and production companies and is recognised as an expert on accounting issues in the sector and is quoted in trade journals on financial issues.
Adam McConkey was a previous Chair of The Quoted Companies Alliance.
Adam is Portfolio Manager at Lombard Odier Asset Management (Europe) Limited and has been a Fund Manager for nearly 2 decades, 15 years of which has been dedicated to investing in UK listed smaller companies.
Adam became Head of UK smaller companies at Gartmore in 2010 a role in which he continued in when Gartmore was acquired by Henderson in 2011. The team, known by Volantis, the name of their flagship fund, run circa £1b investing on behalf of public bodies, blue-chip pension funds, family offices and individuals, and is now part of Lombard Odier Asset Management (Europe) Limited.
Adam’s sponsorship of good stewardship in investment decision making and the launch of product with dedicated active engagement strategies have seen him working closely with other stakeholders in the UK listed smaller company community to promote an infrastructure and policy environment that encourages investment. He is a member of the AIM advisory panel. Adam has a PhD in international relations and previously lectured in politics and economics.
Sangita Shah is the non-executive Chair of AIM traded Kinovo plc and RA International plc, lead board director of NASDAQ listed Forward Industries Inc. and serves on the board of Inspired plc and Ten Entertainment Group plc. Additionally, she serves as investor director on a small portfolio of private companies.
Sangita has extensive experience in corporate finance, journalism and senior consultancy. She has held a number of senior roles within blue chip organisations, including Unilever, Mars, Ernst & Young and KPMG, was a former board director of Swindon Town FC and a past President of the Chartered Institute of Journalists. She has consulted to a number of organisations that include HM Cabinet Office, HSBC and other blue chip companies.
Sangita is a qualified accountant and a frequent keynote Chair and speaker in forums for the Windsor Leadership Trust and in the past the European Parliament.
Mark Taylor is Chair of the QCA’s Legal Expert Group.
Mark is a senior corporate partner in the London office of Dorsey & Whitney, specialising in UK securities law and mergers and acquisitions. He has advised banks and issuers (including non-English domiciled companies) on over 50 flotations and secondary issues (rights issues and open offers) both on AIM and the main market of the London Stock Exchange. He is listed in public equity 'Leaders in their Field' category in Chambers Directory.
Mark has been an active ambassador for the AIM market and has given seminars on AIM at conferences and other events both in the UK and abroad.
Gary Thorpe is a retired solicitor and was the senior corporate finance partner of a major City firm until his retirement in April 2020. In a City career lasting over 35 years, he primarily advised quoted companies on raising capital and M&A transactions. During this time, he advised small and mid-sized quoted companies and nominated advisers and brokers on AIM transactions from the time that the AIM market was founded in 1995. He was Chairman of the QCA’s Legal Expert Group between 2013 and 2017.
Thin Chambers is a qualified FCCA, and CFO at Innovate Finance Limited, the UK’s leading Fintech membership organisation.
Thin started her career at RSM Audit before founding her own firm in 2010, TNC Accountancy Services Limited, which provides independent and outsourced accounting and consultancy services. Thin worked with The QCA as a consultant between 2011 and 2023 and therefore has extensive knowledge of the organisation, its strategies and its operations.
Thin joined Innovate Finance as a consultant in 2017 and then joined the executive board as CFO in 2021. With over 20 years’ experience within audit practices and exposure to many different industries, Thin has also been involved in the audits of AIM listed companies, IPOs, advising FCA registered and start-up businesses, and not for profit organisations. Thin currently supports the CEO of Innovate Finance with operational and financial strategies, risk management, HR and team management, as well as overseeing the organisation’s international hubs network.
Linda is a Chartered Accountant who retired from KPMG LLP in September 2023 after a long career leading their Capital Markets Advisory Group. Linda has advised on well over 100 IPOs and significant transactions by listed companies of all sizes ranging from start ups to members of the FTSE 100. She was also a member of the UK board of KPMG where she chaired the Risk Committee and sat on the Audit Committee
Until December 2023 Linda was a member of the London Stock Exchanges AIM Advisory Group and earlier in her career she sat on a number of the QCA’s technical committees.
Linda is a Trustee of Carers Trust, a leading charity working to transform the lives of unpaid carers. She also sits on two private company boards.
Kellie has over 23 years of dealing with global regulation and risk management in the financial services industry. In the last three years Kellie has established a consulting company in advising and help c-suite executives to implement change in sustainability, compliance and risk management.
Prior to consulting, Kellie held the role of Chief Compliance Officer at Franklin Templeton for 13 years where she was responsible for ensuring regulations issued in EMEA and Asia Pacific aligned to global operations and the firm remained competitive in over 100 markets. Her compliance and risk responsibilities extend to the compliance regimes across various investment vehicles listed on stock exchanges.
Kellie has an executive MBA from the Australian Graduate School of Management. Outside of consulting, she is a career coach to executives and a London based charity for disadvantaged kids in the UK.
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