Is the UK market finally ready for an IPO resurgence, and what must growth company boards do to prepare? 

Host Ralph Grayson welcomes James Ashton, Chief Executive of the Quoted Companies Alliance (QCA), a leading advocacy group for small and mid-sized quoted companies in the UK. James draws on his background in financial journalism and as a FTSE 250 Non-Executive Director to discuss the critical role of public equity in driving economic growth across the UK. 

They dive into the QCA’s mission to amplify members’ voices to regulators and government, their comprehensive governance guidance, and the new QCA Director Growth Programme, designed to equip directors with the skills needed to thrive in a fast-changing environment. 

With recent reports showing that businesses embedding AI into their operations are twice as likely to see value, James and Ralph also touch on emerging boardroom risks like AI, as well as the push for greater investment in UK equities through policy reform. This episode is essential listening for any current or aspiring board member operating in the UK growth company ecosystem.

• (00:00) - Welcome to The Boardroom Path
• (02:21) - James Ashton's Background and Role at QCA
• (03:36) - QCA's Mission and Impact
• (04:33) - Benefits of Joining QCA
• (06:11) - QCA's Network and Events
• (11:13) - James Ashton's Boardroom Experience
• (13:23) - QCA Corporate Governance Code
• (16:38) - QCA Director Growth Programme
• (20:35) - Current Trends and Challenges in the City
• (30:47) - QCA Future Events

James Ashton: Chief Executive of the Quoted Companies Alliance (QCA), the organisation that champions the interests of the UK’s small and mid-sized publicly traded businesses and their advisors. James is a seasoned professional who was formerly the City Editor of the Sunday Times and Evening Standard and currently serves as a Non-Executive Director for the FTSE 250 investment trust, Finsbury Growth & Income. His expertise lies in advocating for market reform, boosting liquidity, and promoting the value of a public quote for growth.

Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.

What You’ll Learn in This Episode:

• Why the Quoted Companies Alliance (QCA) is crucial for amplifying the voice of small and mid-cap public companies to regulators and government.
• The key components of the new QCA Director Growth Programme, including governance, legal responsibilities, and boardroom dynamics for high-growth firms.
• Current IPO sentiment in the City and what it would take to "light the IPO touch paper" this autumn.
• The fundamental difference between a FTSE 100 Non-Executive Director role and one at a small-cap growth company, where "sleeves are rolled up".
• QCA's legislative asks for the upcoming Budget, including the impact of stamp duty and ISA reform on UK equity markets.

Action Points:

1. Evaluate Your Code of Governance: Don't assume your company is a QCA member just because you follow the QCA Code. Review the latest version of the QCA Corporate Governance Code (refreshed in 2023) and consider incorporating its guidance for audit, remuneration, and nominations committees. This structured approach helps manage the "growing pains" associated with scaling a founder-led public company.
2. Reassess Your Role as a Growth NED: Understand that a small-company board role requires "adaptability" and a willingness to be pulled into operational matters. If the company lacks a dedicated marketing director, for example, your marketing experience may be co-opted for projects. Reflect on your willingness to operate closer to "ground level" rather than purely at "35,000 feet".
3. Amplify Your Company's Story: Recognise that a company's story, told through the perspective of its directors, is more credible with politicians and regulators. Translate abstract issues like low liquidity or poor valuations into real-world impacts, such as a factory not built or people not hired. Use your voice to directly support the QCA’s policy and lobbying efforts.
4. Factor in Geopolitical Risk: Acknowledge that small and mid-cap companies are not immune to global issues, even if their main quotes are in London. Ensure that geoeconomics and tariff impacts are explicitly high on your board’s risk register, as international trading is common, even for smaller firms. Use QCA contacts to benchmark and discuss these pressures with peers.
5. Invest in Boardroom Education: Consider joining a focused training course like the QCA Director Growth Programme to gain a comprehensive "toolkit for success". This course is designed specifically for the unique challenges of small and mid-cap boards on AIM, Aquis, and the Main Market. Investing in continuous professional development (CPD) is essential for effective constructive challenge and support.

The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career. 

Subscribe now, and take your first confident step along The Boardroom Path.

Learn more about Sainty Hird & Partners at saintyhird.com