CIMA Guidance On Business As Usual Operations – Update 2023

While there is no 'one size fits all' solution as to how boards of directors should regulate their business and conduct their meetings, directors must pay regard to applicable law, the fund's memorandum and articles of association and the rules on both Corporate Governance and Internal Controls (the "Rules") and the Statement of Guidance - Corporate Governance for Mutual Funds and Private Funds (the "SOG"). Overall, they must act at all times in accordance with their duties as directors, including fiduciary duties. How these principles/duties translate as a matter of practice will be a question for the board of directors, in consultation with the fund's professional advisors, including legal counsel.