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Nine year chair cap overturned by AIC
Investment company chairs will no longer be forced to step down after nine years on their boards.
The Association of Investment Companies has persuaded the Financial Reporting Council, the accountancy regulator overseeing the UK Corporate Governance Code, that investment trusts are a special case and need more flexibility than normal businesses when determining the appropriate length of time chairs can serve.
The new rules should help investment trusts to avoid a disruptive exodus of experienced chairs, although it could also raise concerns the sector is retreating on recent improvements in corporate governance and boardroom diversity.