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The revised QCA Corporate Governance Code – published today by the Quoted Companies Alliance – is a practical, outcome-oriented approach to corporate governance that is tailored for small and mid-size quoted companies in the UK. Since its initial release in 2013, it has become a valuable reference for growing companies wishing to follow good governance examples. 

The QCA Code includes 10 corporate governance principles that companies should follow, and step-by-step guidance on how to apply these principles effectively. It has been put together by the QCA’s Corporate Governance Expert Group and a standalone Working Group comprising leading individuals from across the small & mid-size quoted company ecosystem.

The revision of the QCA Code is especially timely and relevant. London Stock Exchange has recently announced a change in the AIM rules so that all AIM companies will be required to apply a recognised corporate governance code and explain how they do so from September 2018. 

QCA research indicates that currently over half of the 900+ companies on AIM refer to the QCA Code. There is also a significant minority of AIM companies that currently do not apply any code.


Gervais Williams, Senior Executive Director, Miton Group Plc & and Chairman, Quoted Companies Alliance said:

“For a company, applying the QCA Corporate Governance Code will help investors get a much more informed understanding as to how they manage their risks, and a deeper appreciation of their internal cultures. The well-established nature of the QCA code should help investors directly compare a number of companies on these metrics by a common yardstick. 

The adoption of the QCA Code should continue to help investors correctly pick out the quoted companies with the best internal cultures, and hence ensure our limited amounts of risk capital generate attractive returns. Equally importantly, the renewed support for quoted smaller companies should help to generate further employment growth and extra tax take in the UK over the coming years.”


Tim Ward, CEO, Quoted Companies Alliance, said:

“The QCA Code is already the benchmark for corporate governance on the AIM Market. The revised edition will provide greater clarity and help for companies wishing to retain and attract investors, to raise capital and, ultimately, to create long-term value for shareholders.”


Members of the press can request a copy of the QCA Corporate Governance Code by emailing

QCA members can find the QCA Corporate Governance Code here




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