On 15 December 2009, the London Stock Exchange published a consultation outlining two proposed changes to the AIM Rules. 

In order to ensure that investors have access to relevant information about each AIM company and its directors, AIM Rule 19 will be amended to require an AIM company to disclose the following details of Directors remuneration in its annual audited accounts:

• Emoluments and compensation;
• Share options and long term incentive plan details (including information on all outstanding options and / or awards and any gains made on exercise and / or vesting); and
• The value of benefits through defined benefit or defined contribution pension schemes.

If approved, this additional disclosure requirement will be implemented by AIM companies for the financial year on or after 31 March 2010.

The second change will permit all AIM companies to use electronic communications to send admission documents and accounts to shareholders.  AIM companies subject to the UK Companies Act 2006 will still be able to send accounts and admission documents to shareholders electronically and will allow AIM companies not subject to the UK Companies Act 2006 to send such documents to shareholders by electronic means (subject to complying with a company’s memorandum and articles of association and with the law in its jurisdiction of incorporation).

The consultation closes on 15 January 2010 with the intention that amended rules will be finalised by the end of January 2010.