The Malta Financial Services Authority (MFSA) has recently published a Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes intended to guide directors in implementing good corporate governance in investment funds.
This manual highlights, amongst other issues relating to directors, the role, duties and obligations of directors, and also goes into the appointment (due diligence procedures) and resignation of directors. In particular, the manual sets out the ideal frequency of board meetings, what information should be circulated before meetings as well as the composition, size and structure of a board of directors.
Other issues addressed include: voluntary codes of conduct, shareholders’ communications, the prevention of money laundering and funding of terrorism, the need for directors to obtain indemnity insurance from the relevant fund, the role of advisors of the board, crisis management and termination of the fund.
Click here for the Manual for Directors of Investment Companies and Collective Investment Schemes.
