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It’s full steam ahead for FCA’s proposals for independent directors. The feedback that the regulator received to its consultation on this topic shows widespread agreement with the plans it outlined on June 28, which were covered in The NED’s July issue.

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Assuming there’s a low limit on the number of board positions an independent director can have the FCA’s reforms may not turn out to be the bonanza that some NEDs had hoped for, including in places like the Channel Islands and Ireland. (And The NED understands that it is likely the FCA is not going to allow anyone more than eight fund directorships.) Nonetheless the upcoming changes in the UK will still have an impact on governance in all offshore and EU fund jurisdictions.

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Led by private equity there is a co-investing boom developing across a number of alternative asset classes. The boom has given rise to various governance issues that should now be addressed.

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Following a six month trial a Guernsey Court has handed down judgment in a legal battle dating back to 2008. The allegations included breaches of fiduciary duty, gross negligence, wrongful trading and breaches of contract. Carlyle Capital Corporation Limited (CCC) was a publicly-listed, closed-ended investment fund based in Guernsey.

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‘The IFDA is already a significant contributor to the Irish funds industry, with many of our members serving as independent directors for funds managed by leading global investment managers,” according to its chairman Fergus Sheridan.  ‘Our members - who must all be previously approved as a director by the Central Bank of Ireland or equivalent regulator - play a key role in promoting best practice governance for investment funds.  I'm particularly proud of our members' active participation, their commitment to fostering a genuinely independent mindset and

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Risk management expert Frances Cowell argues that now is the time for boards to get serious about independent risk oversight.

Independent risk oversight is imperative. It is the natural role of boards, not risk managers within investment organisations.

For more on this story see the October edition of The NED.

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