AIC supports FRC’s review to simplify and improve reports and accounts

The Position Paper sets out the next steps to reform the UK’s audit and corporate governance framework.

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Today the Association of Investment Companies (AIC) welcomed the publication of the Financial Reporting Council’s Position Paper, “Restoring Trust in Audit and Corporate Governance” which sets out the next steps to reform the UK’s audit and corporate governance framework.

Guy Rainbird, Public Affairs Director of the Association of Investment Companies (AIC), said: “The FRC’s paper contains many important proposals from updating the UK Corporate Governance Code to developing guidance for audit committees on audit tendering.

“The FRC’s ambition to simplify and improve reports and accounts is especially welcome.  Annual reports are the cornerstone of company reporting. Making these clearer, with information valued by shareholders, will help to build shareholders’ trust in auditing and corporate governance, thereby maintaining the integrity of markets.”


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Notes to editors

  1. The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 357 members and the industry has total assets of approximately £258 billion.
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