Sourcing of non executive directors & support for NEDs
The requirement for fund boards to have appropriate expertise and the value brought by having independent non-executive directors is widely recognised. Icorserv understands the importance of having the right mix of skills and experience to ensure that boards function effectively at all times.
It is important that fund directors have not only the appropriate knowledge and skills to perform their roles but also that they are able to allocate sufficient time to discharge their duties effectively.
icorserv can assist clients by:
- Arranging for the consultant to act as a non executive director
- Sourcing other potential non executive directors
- Providing administrative support for non executive directors
Corporate governance support
Standards of corporate governance have been the subject of much regulatory scrutiny in recent years, particularly in Europe, following a decade in which there were a series of high-profile corporate collapses as well as less -publicised fund failures. It is increasingly acknowledged that high corporate governance standards embedded in formal corporate policies add value to a business.
The Guernsey Financial Services Commission has issued a Code of Corporate Governance which includes a requirement that boards will regularly complete an evaluation or assessment of the board’s performance. In the case of the Cayman Islands, the Cayman Islands Monetary Authority has issued various Statements of Guidance which also require boards to consider carefully how they meet regulatory expectations.
icorserv is well placed to assist its clients by:
- Formulating an effective and robust reporting and governance framework covering all areas of the funds’ operations
- Documenting corporate governance policies
- Developing annual board evaluations / self-assessments
Fund promoters often require additional resources with specialist expertise to assist with the establishment of a new fund or with product lifecycle management. Icorserv is able to provide “on the ground” support which frees up the promoter’s own resources to focus on the marketing / distribution of the fund and core functions such as portfolio management. Icorserv can assist by:
- Providing support for fund, fund management company and general partner start-ups, including assistance with service provider selection and general logistical support
- Service provider performance reviews
- Product lifecycle & change management
- Assistance with “distressed situations” where additional resourcing or expertise may be necessary