Corporate Governance Code For Irish Funds

Recently the Irish Funds Industry Association published a corporate governance code for the Irish funds industry. The code was developed against the backdrop of a request made by the Central Bank of Ireland for specific sectors of the financial services industry in Ireland to develop corporate governance codes to provide a framework for the operation of these businesses. A steering committee of the IFIA led the project to develop the code, consulting extensively with both industry and the Central Bank. This briefing summarises the key requirements of the code.

Application

Although the code is referred to as being a voluntary code it recommends that the requirements of the code are adopted by all Irish funds and Irish management companies, both UCITS and non-UCITS. To the extent that a board adopts the code but decides not to apply any particular provision of the code, the reasons for departing from the code's requirements must be specified either in the directors'