Organisations such as the Investment Association, the Pensions and Lifetime Savings Association (previously known as the National Association of Pension Funds) and the Pensions & Investment Research Consultants (PIRC) representing the interests of their members, consisting of large institutional shareholders. The IPCs issue guidelines on various matters that concern shareholders, such as the issue of new shares. Although these guidelines do not have the force of law, companies usually follow them because of the power that institutional shareholders have through their large shareholdings.