A community interest company (CIC) is a limited liability company incorporated under the Companies Act 2006 by the Registrar of Companies with the specific aim of providing benefit to a community. It must conform to company and insolvency law in the same way as other UK companies. In addition, it is regulated under the Companies (Audit, Investigations and Community Enterprise) Act 2004 (“CAICE Act 2004”) and the CICRegulations 2005 with an asset lock and benefit to an identified community.
The level of governance, the member's rights and duties, and the statutory filing requirements, all adhere to the UK and European company law and guidelines, including rules on insolvency, accountancy, and governance, in the same way as any other UK company.
Listed CICs have to comply with the Combined Code on Corporate Governance, or any other codes (such as those issued by institutional investors).