Discovering that Woodford IM’s NEDs were hardly independent shows, yet again, why board and director ratings would help investors. Investors need to know if an independent is actually independent or a sham.

The Financial Times reports that two supposedly independent directors at Woodford Investment Management – Martin Walton and Marcia Campbell – had numerous links with the now disgraced manager. Both have resigned. The FT says that there was no hint of their association with Neil Woodford recorded at Companies House or in their LinkedIn profiles.

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2020 looks like it will be the year of BEPS – definitely for Luxembourg but possibly in offshore jurisdictions too. BEPS affects the boards of alternative funds in several ways (but not long only ones).

Contrary to popular belief it will not be the offshore fund domiciles that will be first into the BEPS firing line. BEPS targets jurisdictions that have relied upon complex bilateral tax treaties for their tax advantaged status more than low tax domiciles like Cayman, Guernsey and Jersey. Luxembourg is in this category.

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