The Board is dedicated to achieve and keep a higher standard of corporate governance, using the ultimate try to safeguard shareholders’ along with other stakeholders’ interests. In the EGM held on 21 November 2012, the Board began overview of the organization’s corporate governance structure considering developments in worldwide standards and practices since the organization’s admittance to AIM.
Review resulted in many changes including enhanced transparency for shareholders, the development of annual general conferences, a rationalisation from the Board using the decrease in the amount of Company directors from seven to 5, and also the adoption of policies around the appointment and tenure of Company directors.
The Organization shows up on AIM and, as a result, isn’t needed to satisfy exactly the same standards of corporate governance as used by companies on the Primary Market. Nonetheless, the Board has thought about the concepts and suggestions from the Association of Investment Companies’ Code of Corporate Governance (“AIC Code”) by mention of AIC Corporate Governance Guide for Investment Companies (“AIC Guide”). The AIC Code, as described through the AIC Guide, addresses all of the concepts put down within the United kingdom Corporate Governance Code (“the United kingdom Code”), in addition to aiming additional concepts and suggestions on problems that are of specific relevance to investment companies. The Board views that reporting from the concepts and suggestions from the AIC Code, by mention of AIC Guide (which includes the United kingdom Code), will give you better information to shareholders. The AIC Code are available around the AIC website at: The AIC Code of Corporate Governance
The United kingdom Code includes provisions associated with:
• The function from the leader
• Executive company directors’ remuneration
• The requirement for its very own internal audit function and
• The appointment of the senior independent director
The Board views these provisions aren’t highly relevant to the positioning of the organization, becoming an externally managed investment company. Particularly, all the organization’s day-to-day management and administrative functions are outsourced to 3rd parties. The Organization has therefore not reported further according of those provisions.
The Town Code on Takeovers and Mergers
The Organization isn’t susceptible to the United kingdom City Code on Takeovers and Mergers.
Resourse: http://vnl-fund.com/aim/