Time For Compliance With The Funds Corporate Governance Code

The Corporate Governance Code for Collective Investment Schemes and Management Companies (the "Code") issued by the Irish Funds Industry Association (the "IFIA") in consultation with the Central Bank of Ireland (the "Central Bank") became effective on 1 January 2012. The Code applies to Irish corporate funds and corporate entities that act as fund management companies (of either UCITS or non-UCITS). The Code aims to ensure that the board of directors of each fund/management company effectively oversees the fund's activities.

The Code covers two key elements, namely, guidelines on the composition of the board and guidelines on the key measures or activities that should be undertaken by the board. The Code is voluntary however the Central Bank expects that every fund and management company will adopt the Code before 31 December 2012. Any non-adherence will need to be explained to the Central Bank and may cause that fund/management company to be closely scrutinised by