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Board performance reviews are an important element of corporate governance. It is therefore important to better understand how small and mid-sized quoted companies undertake these reviews, how they differ between companies of different sizes and stages of development, and what can be learnt to develop good practice for the mid-cap ecosystem. 

The research analyses the approach of different companies and uses a framework of proactive and reactive boards whilst looking at the variances between companies of different sizes. It reveals a variety of formal and informal approaches which affect the effectiveness of the review process. It captures 30 interviews with companies and investors and 100 survey responses from companies, presenting detail into topics such as frequency, accountability, engagement and disclosure.

This report has also been used to inform the QCA Guide to Board Performance Reviews, which outlines 6 key applications for an effective review process and is available to QCA members for guidance and practicality. 

“Coupled with strong enthusiasm, boards that take on a proactive approach to their performance reviews are more likely to see a strong, positive response from investors. We hope this report, with the accompanying guide, captures the essence of success for board performance and enables companies to approach reviews effectively.” 

Tim Ward, Chief Executive, The Quoted Companies Alliance.

“This report provides a valuable snapshot as to how growth companies differ from larger companies in this area. Companies will benefit from reviewing where they sit on the spectrum and assessing if there are improved practices they can learn from other companies at a similar stage of development to them.

Judith MacKenzie, Partner, Downing LLP.

“Board performance assessment is simply a matter of good business practice and good sense. Directors do not arrive on the board as a ‘finished article’; on the contrary, theirs is a difficult job requiring reflection, development and continuous improvement.”

University of Reading Research Team , Henley Business School.

The QCA Board Performance Review Report can be downloaded here.

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About Henley Business School

Henley Business School is a triple-accredited business school and part of the University of Reading. With campuses, offices and partnerships around the world, over 7,000 students from more than 100 countries and over 80,000 alumni from 160 countries, we are a truly international institution. Our courses are enriched by up to date knowledge, research and commercial experience, and aimed at students and professionals at every stage of their career – from undergraduate through to postgraduate, PhD, MBA, DBA and executive education.

About Downing LLP

Downing LLP is an FCA authorised and regulated investment manager with over 30 years of experience and has raised funds from over 35,000 investors. It helps UK businesses grow by investing in them via a wide range of tax-efficient products. It is proud to have raised over £1.7 billion into businesses across a range of sectors, from energy, care homes, health clubs, pubs, and children’s nurseries to technology and e-commerce. Downing currently has over £1 billion of funds under management, including over £192 million of publicly listed assets.

About The QCA

The Quoted Companies Alliance is the independent membership organisation that champions the interests of small to mid-size quoted companies. In 2019, there are around 1,250 small and mid-size quoted companies in the UK, representing 93% of all companies quoted on stock exchanges. They employ approximately 3 million people, representing 11% of private sector employment in the UK, and contribute over £26bn in annual taxes (source).


Ruby Halabi

Communications Executive, The QCA


DD: 020 7397 8140

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