The MFSA issues the Corporate Governance Manual for Directors of Funds

Spurred by the belief that the role of directors is vital for the proper operation of an investment fund and aware of claims that directors of such entities failed to properly react to the global financial crisis, the MFSA has recently issued the Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes (the “Manual”).

The Manual addresses a broad range of topics, from the role of the directors of an investment fund to their on-going duties until the termination of the said fund.

Whilst the Manual will serve to provide guidance to directors when implementing good corporate governance practice for an investment fund, it is not intended to be exhaustive and directors are urged to develop their own “best” corporate governance practice to fit the particular context of the fund and its board.

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