The finalised corporate governance code (the "Code")
for the Irish funds industry was published today, 14 December 2011.
The Code was prepared in response to an invitation to the Irish
Funds Industry Association ("IFIA") by the Central Bank
in April 2010 to formulate an appropriate code for Irish investment
funds. Michael Jackson served as a member of the steering group
established by the IFIA to develop the Code. A draft of the Code
was circulated for comment on 13 June 2011 and the consultation
closed on 24 June 2011. The finalised Code does not contain
significant changes to the draft Code.
The Code will apply to Irish authorised investment funds and
Irish authorised management companies. Although the Code is
voluntary, its adoption is strongly recommended by the IFIA. It
operates on a "comply or explain" basis so that, where
the board of any company decides not to comply with any provision
of the code, the reasons for non-compliance should be set out in
its
