This study aims to address two interrelated issues. (1) What is the role of no-executive directors (NEDs) of public companies listed in the Alternative Investment Market (AIM) in the UK? (2) Whether AIM listed companies accept the principles and provisions of the Combined Code of Corporate Governance (CCCG)?1 and, if so, to what extent? Small and medium companies can use AIM to float their shares with more flexible regulatory system than is applicable to main market. There is dearth of studies on roles of NEDs of AIM listed companies in the UK, which is a growing segment of the UKs economy (AIM, 2007). This study intends to fill the knowledge gap that exists in the areas of understanding the role of NEDs in AIM listed companies and about the degree of acceptance of principles and provisions of CCCG by these companies. The study is also important in a sense that the role of NEDs is not getting serious attention among researchers on continuity basis as it has been given primacy when there are corporate collapses only. The role of NEDs is associated with corporate governance. AIM insists the usefulness of the CCCG for its listed companies despite the fact that AIM companies are not required to follow the CCCG. Practically, this study is important to enhance the understanding of tasks to be performed by NEDs in different organisational context and effective discharging their duties and responsibilities towards stakeholders. Another contribution of this study is the application of content analysis methodology in identifying the role of NEDs in AIM companies, which might be useful for future researchers as well. Numerous studies and regulatory bodies have also indicated the need to create accountability within the boards by NEDs in making effective dialogue at board meetings and in addressing CG issues (e.g. Halablian and Rajagopalan, 2006; Roberts et al., 2003; FRC, 2006). Method This study adopts content analysis method to collect and analyse data. It is a technique used for "objective, systematic and quantitative description of the manifest content of communication" (Kassarjian, 1977, P. 8). We selected this method because of its ability to address three important properties: stability, reliability, and validity. Stability is ensured by continuous and consistent use of same coding given to document. The properties of mutual exclusiveness and mutual exhaustiveness are addressed to ensure reliability. General theoretical frames works are used in the literature, application of methodology, and in the discussion of findings to ensure internal validity. 75 annual reports were used for identifying and coding of NEDs roles and corporate governance mechanisms. Contingency tables and frequency analysis are used for interpreting data. Chi Square statistical test was used to see whether the coded data is randomly distributed ensuring mutual exclusiveness and exhaustiveness of the categories (Cooper and Schindler, 2003). In the analysis and discussion, tasks of NEDs were identified as dimensions of roles. Results The findings indicate that the nature of task of NEDs of AMI listed firms is characterised by multiplicity of tasks and task variation by the type of chair. For example, the content analysis indicated 24 tasks of NEDs. Some of these tasks such as strategy, advice, monitoring are well established findings in the literature. This study found number of cognitive tasks such as beliefs, considerations, and expectations. With regard to variation of task by the type of chair, it was found that some task categories are more relevant to particular type of chair, which was classified as Chair, executive chair, non executive chair. With regard to specific characteristics of tasks of NEDs of AIM companies, the study found three major roles and relationships. They are (1) identification of the needs of several share holders, (2) concerns about more corporate governance than strategic direction, and (3) Cognitive tasks and their relationships to key board tasks. The degree of voluntary acceptance of principles and provisions of CCCG of AIM listed companies was reflected by the types of chairs, number of NEDs, and acceptance of sub committees of the board. Implications This study contributes to fill the knowledge gap in the literature with regard to the role of NEDs of SMEs in general and AIM listed companies in the UK in particular. The identification of common and specific roles played by NEDs of AIM companies would be useful for enhancing tasks, responsibilities and performance of NEDs. This contribution might be useful for effective fulfilment of interest of stakeholders of SMEs and AIM companies in the UK. To best of our knowledge, this study is the first if its kind to explore the role of NEDs in AIM companies by using content analysis. As such this study has the strength of providing methodological and research design insights for future researchers. [ABSTRACT FROM AUTHOR]