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How We Operate

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.


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.

Accounting, Auditing & Financial Reporting

Our Accounting, Auditing and Financial Reporting Expert Group campaigns for proportionate reporting standards for small and mid-sized quoted companies.

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Corporate Governance

Our Corporate Governance Expert Group works with boards, investors and regulators to promote high quality corporate governance by small and mid-sized quoted companies.

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Our Legal Expert Group ensures that new and revised regulations that affect small and mid-sized quoted companies are proportionate and appropriate for the sector.

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Primary Markets

Our Primary Markets Expert Group acts as a dynamic forum composed solely of nominated advisers and brokers to discuss primary market issues with a view of influencing market practice, market structures and the regulatory framework to support firms advising small and mid-sized quoted companies.

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Secondary Markets

Our Secondary Markets Expert Group deals with issues arising from the UK Government and regulators that affect secondary market issues to do with the trading and settlement of shares.

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Share Schemes

Our Share Schemes Expert Group examines all aspects of share scheme regulation to ensure that they remain cost effective and easy to implement for small and mid-sized quoted companies.

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Our Tax Expert Group campaigns to introduce measures that encourage investment in the small and mid-sized quoted company sector and reduce the tax burden and the complexity of the tax system.

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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.

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.

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