The Quoted Companies Alliance (QCA) Corporate Governance Code

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • The Quoted Companies Alliance (QCA) Corporate Governance Code
  • Application
  • Principles
  • Roles and responsibilities
  • The board
  • The chair
  • The senior independent director
  • The non-executive director
  • Compliance
  • Corporate governance statement
  • More...

The Quoted Companies Alliance (QCA) Corporate Governance Code

The Quoted Companies Alliance (QCA) is an independent membership organisation that champions the interests of small to mid-sized quoted companies. One of its aims is to promote high quality corporate governance in quoted companies.

On 25 April 2018, the QCA published a revised version of its corporate governance code (QCA Code) which updated and replaced the Corporate Governance Guidelines for Smaller Quoted Companies which was last published in May 2013.

The QCA Code aims to be a pragmatic and practical corporate governance tool. It takes key elements of good governance and applies them in a manner which is workable for the different needs of growing companies.


Unlike the UK Corporate Governance Code which applies to companies with a premium listing, the QCA Code does not apply to any specific category of company, although in practice it is more likely to be adopted by small and mid-sized quoted companies that do not have a premium listing.

In addition, following the government’s initiatives to encourage larger private companies to adopt a recognised corporate governance code, the QCA has suggested that its code may be adapted for use by privately owned companies that wish to adopt good governance practices (in particular companies contemplating an IPO in the future).

For general information on the corporate governance regime applicable to a public limited company admitted to trading

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