Changes affecting directors of Irish funds
The Financial Regulator issued two letters to the Irish Funds
Industry Association (the "IFIA") on 13 and 14 September
2010 which relate to the appointment of directors to fund boards.
The first letter advises of a new procedure for the approval of the
appointment to fund boards of individuals who hold more that 30
directorships. The second letter sets out the Regulator's
policy on the developing practice whereby directors are appointed
to investment funds via "conduit" firms.
The Financial Regulator has charged the IFIA, in consultation
with it, to develop a voluntary corporate governance code
applicable to authorised investment funds (the "Code") by
the end of the year. The letters indicate that the Financial
Regulator's attention is firmly focused on corporate governance
requirements that are to apply to the funds industry. The Financial
Regulator has indicated that the Code should, among other things,
address issues
