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The NED ranks knowledge and interest in fund governance by investor category. Funds aimed at investors with the least knowledge in what happens at board level is where regulators need to focus their attention.

To read more on this story see the April issue of The NED.

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Should transparency in board composition be encouraged? And would more transparency in fund governance help to improve standards? The NED debates this with a transparency opponent, Iain Cullen, a partner at Simmons & Simmons.

Research conducted by The NED suggests that the vast majority of those with an interest in fund governance believe that there should be transparency in fund board composition. But, to date, it is often just investors and the regulator who are allowed to know who is on the board.

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How much impact can independents make on fund boards if they are not in control of them? The question of the role of independents has come up a lot recently. This happened, in part, because of the FCA’s reforms to the boards of Authorised Fund Managers in the UK.

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Who makes a better independent: a professional director, who is probably younger and keener, or an amateur, who is likely to be doing this in early retirement?

Speaking at The NED’s event in London in April Reggie Dodge, Chief Compliance Officer & General Counsel at EMSO Asset Management, said that she prefers to appoint independent directors who are not taking on directorships as a full-time career. It means that there is less of a chance that they will be conflicted, she believes.

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The Weinberg Center for Corporate Governance in the US has published an extensive study on the board composition of Russell 3000 and S&P 500 companies.

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