Is it time to reform director residency rules? If so, in which way? Should they be applied more or abolished? They are wildly inconsistent at present. For example, Ireland requires two local directors, Cayman and Luxembourg none. That does not make sense.

The travel restrictions brought in as a result of the coronavirus crisis is either going to show the fund governance world that you must have local, resident directors or that they are unnecessary. It has to be one or the other: it cannot be both. Which is it likely to be?

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It’s still early days in this crisis but what has happened looks certain to change fund governance practices in a number of ways, especially in improving transparency.

The inability to travel is making transparency in fund governance yet more important than it already was. ODD professionals that The NED has talked to since the onset of the pandemic say that the days of jumping on a plane to do an overseas due diligence trip will likely be heavily curtailed for a long time to come.

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