Trust Associates' newsletter

January 2010

• Newsletter contents page

• FRC review of the Combined Code – The final Walker Review has now been published and the Financial Reporting Council's (FRC) review of the Combined Code, taking account of the Walker recommendations, is open to consultation until 5^th March. The revised code, to be called the "UK Corporate Governance Code", will apply to accounting periods beginning on or after 29^th June 2010 and will cover all London-listed companies. It is expected that the AIC will revise its Code of Corporate Governance to bring it into line with the FRC's changes.  So which of the proposed changes are likely to affect Investment Companies?  Click here to read the article.

• Payment for additional work – In carrying out our regular surveys of investment company NED fees, we have noticed that there have increasingly been examples of individual directors, and very occasionally whole boards, that have been paid an extra fee in a particular year, to compensate them for additional work they have carried out during that year.  At what point does additional work merit extra payments and should directors' fees be set at a level that covers some non-standard work?  Click here to read more.

• Trends in investment company NED appointments – At Trust Associates, we have been carrying out searches for non-executive directors for investment companies since 2002 and an analysis of candidates appointed as a result of our searches shows several interesting trends.  Click here to find out more.

• Feedback – email us your views on anything you have read in this newsletter or on anything else in the sector that you would like us to look at. Click here to send us your feedback.