Is it okay for a fund board, with a complex strategy, to rely upon its executive directors for its expertise?  The judgement of a Guernsey Court, following the Carlyle Capital Corp collapse with loses of over $1 bn, says that it is.

The fallout from the recent Carlyle case in the Guernsey courts has opened up a fascinating debate about the need for independent expertise on fund boards.

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The NED is consulting with subscribers on introducing a rating system for fund boards in 2018. It has made progress on the criteria to be used for the ratings since our November issue and we would like to hear from all other interested parties by late January.

The reaction to this initiative has been positive but cautious. Most of the feedback received to date has focussed on how this might be done and what the point of rating fund boards would be.

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