The Irish Funds Industry Association (IFIA) has introduced the new corporate governance code for fund service providers with the backing of the Central Bank of Ireland.
Under the new corporate governance code, Irish fund service providers are required to introduce an independent director to their boards.
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Additionally, the framework also suggests that no individual shall have unfettered decision-making powers.
The code also ensures a clear set of responsibilities for the board, including oversight, risk and compliance.
Henceforth, the boards will also be responsible for key appointments, and the prevention of any conflicts of interest.
Pat Lardner, CEO of IFIA, said: "In today’s environment there has been an added emphasis on good corporate governance, and we believe the code will build on this idea and on the sound practices that already exist in Ireland.
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By GlobalData"The code will allow all fund service providers to ensure they have best practice in place. The changes necessary to adhere to the framework will differ from firm to firm, which is why the code is being introduced on a voluntary, comply or explain, basis."
