Corporate Governance Code and FAQ's
December 14th, 2011
For Collective Investment Schemes and Management Companies
We are very pleased to attach for your attention a copy of the “Corporate Governance Code; Collective Investment Schemes and Management Companies”. Also attached is a questions and answers paper (FAQ’s) to compliment the Code and support its introduction. While the Code is a voluntary industry code its adoption is strongly recommended and it will be effective from the 1st January 2012 with a transitional period of 12 months till the 1st January 2013.
The preparation of the Code followed an invitation from the Central Bank to the industry, through the IFIA, to develop a voluntary Corporate Governance Code for the funds industry in Ireland. Responding positively to the invitation a steering group chaired by Carin Bryans, the then Chair of the IFIA, was established to lead the project. The steering group included representation from a wide range of industry constituencies: trustees, custodians, administrators, advisory firms, fund managers, independent directors and the Irish Stock Exchange. The initial activity of the steering group, and noting the significant differences between the operation and structure of industry companies and investment funds themselves, concluded that two Codes would be needed; one with respect to the management and governance of industry companies and the other to focus on the management and governance of collective investment schemes and management companies. In discussions with the Central Bank it was agreed to first consider and prepare a code for collective investment schemes and management companies.
Following considerable engagement with and input from the Central Bank a draft code was prepared and earlier in the year circulated for consultation. During the consultation process a significant amount of feedback was received, this feedback was discussed with the Central Bank following which the attached Code was agreed. The Central Bank have also asked us to report on its adoption after the first 12 months of implementation.
The Code and the FAQ’s are attached and available from www.irishfunds.ie. hard copies are also being published and in early 2012 it is intended to schedule a Governance Code information session.
Many thanks and kind regards,
Carin Bryans Gary Palmer
Chair of Steering Group Chief Executive
Corporate Governance Code for Collective Investment Schemes and Management Companies
FOR FURTHER INFORMATION CONTACT:
IFIA
Tel +353 (0)1 6753200
Info@Irishfunds.ie
