Audit Committee

Background

These terms of reference have been produced to accord with the relevant Principles of The AIC Code of Corporate Governance published in February 2013 (Principles 5, 13 and 21) and, where deemed applicable, to follow the Guidance on Audit Committees published by the Financial Reporting Council in September 2012 (FRC Guidance). The Financial Reporting Council has confirmed that AIC Member companies who report against the AIC Code of Corporate Governance and who follow the AIC’s Corporate Governance Guide for Investment Companies will be meeting their obligations in relation its UK Corporate Governance Code published in September 2012 and Listing Rule 9.8.6.

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