FBC Insight – A Quarterly Newsletter for Investment Governance (March 2024)

Not yet subscribed?

Keep up to date with the latest handpicked articles, interviews, features and FBC news.

Subscribe to Fund Boards Council news

Enter your details below to receive the latest news and events by email.
  • FBC News ,  
  • Newsletters

FBC becomes B Corp Certified

As part of our commitment to our responsible business journey, we are delighted to have received b Corp certification. 

Verified by B Lab, the not-for-profit behind the B Corp movement, the achievement demonstrates that Fund Boards Council meets high standards of social and environmental performance, transparency, and accountability.

More on this in the coming weeks, but we were excited to let everyone know!


FBC Digital Event:  CEO Roundtable

20 March 2024

FBC’s inaugural roundtable meeting of Corporate Member fund board CEOs provided discussion stimulated by Kirstene Baillie, a partner at London law firm FieldFisher LLP, with deep expertise in the regulatory environment and responsibilities facing fund board CEOs.

More details here. FBC Corporate Members can read a summary of the key details in the Member Portal here.

FBC Digital Event: 

Evolution, Impact and Regulatory Requirements

6 February 2024

FBC’s Shiv Taneja and Catherine Battershilldiscussed the annual update of the FBC Fund Board Composition Database (FBC Database), providing valuable insights and industry data points for fund boards to consider and review their own composition and inform directors’ decision-making on key fund governance topics.

Read the write-up here. FBC Corporate Members can watch the full recording in the Member Portal here.

FBC Digital Event: SDR and Investment Labels – How are fund boards overseeing implementation?

22 February 2024

FBC senior adviser, Brandon Horwitz, was joined by Head of Proposition/Product at Royal London, Susan Spiller, Chief Compliance Officer at Liontrust, Martin Kearney, and iNED Dawn Hyams, to explore the activity fund boards are undertaking in response to the FCA’s Sustainability Disclosure Regime (SDR) and fund labeling policy.

Read the write-up here. FBC Corporate Members can watch the full recording or read the summary write-up here.

FBC Digital Event: Exploring and Maximising Service Provider Oversight

21 March 2024

A first look at key findings of FBC’s new research into Service Provider Oversight, with FBC senior adviser Peter Christmas. The meeting focused particularly on the reporting that fund boards receive on the performance of their Fund Accountant, Transfer Agent and Depositary.

FBC Corporate Members can view the recording of this session in the Member Portal here and will receive a full copy of the Report in the coming weeks.

MEMO: FBC Key Takeaways and Actions on the FCA Interim Update Letter for the Asset Management & Alternatives Portfolio

Following the Financial Conduct Authority’s (FCA) interim update letter for the Asset Management & Alternatives Portfolios, FBC has identified the key takeaways and actions required for fund boards, for Corporate Members.

The update reflects changes in the external risk environment, work completed since the Alternatives portfolio letter in August 2022 and Asset Management portfolio letter in February 2023, as well as the FCA’s areas of focus for this sector over the next year, which are consistent with the multi-year plans set out previously and are intended to give clarity on areas of regulatory focus for the year ahead.


Fund Governance: So why are we here and what are we doing?

Philip Warland, financial services veteran and chair of the FBC Advisory Council, provides his take on the live topic of governance as a driver of economic success.

Read Philip’s Viewpoint.

Philip Warland

Where does fund pricing pressure come from?

FBC senior adviser and portfolio iNED, Simon Hynes, delves into the complexities of distribution, its impact and why iNEDs should take interest.

Read Simon’s insights here

Simon Hynes


FBC iNED Remuneration Study

FBC now offers a service for asset management firms looking to ensure that they have competitive remuneration arrangements in place for the independent directors on their fund board. The FBC iNED Remuneration Study is included in FBC corporate membership and is available to non-members for a fee.

Read more details here.



This quarter, Sheenagh Gordon-Hart, Independent Director at the Director’s Office, gives us a peek behind the doors of the ALFI conference in Luxembourg.

Read Sheenagh’s insights here.

Stewart Aldcroft


Stewart Aldcroft, Hong Kong (HK) resident, veteran of the Asian asset management industry and member of the FBC Advisory Council, provide his regular HK round-up this quarter, covering the politics, fund sales and Cash for Residency schemes.

Read Stewart’s full article here.


John Fitzpatrick, Chair of Insight Investment Management (Europe) Limited, updates on the key regulatory happenings in the Irish market, including the lowdown on the Irish Financial Services Appeal Tribunal report.

Read John’s column.


Michaela Jackson, Head of Distribution, EMEA, at Columbia Threadneedle

Michaela Jackson speaks to FBC’s Simon Hynes about her experience as Head of Distribution at Columbia Threadneedle, from the integration of BMO GAM to creating a platform for sales and relationship management, the importance of a commercial role in a big organisation and, of course, governance.

Watch Michaela’s interview.



In case you missed out on the most recent FBC blog and need to catch up on the news, here is a snapshot with the three most read articles: 

Final stretch in 3-year strategy

The Financial Conduct Authority (FCA) has set out its programme of work for the final year of its 3-year strategy in its Business Plan for 2024-25. The press release provides a quick snapshot on the specific issues it will prioritise.

Road to responsibility

The Principles for Responsible Investment (PRI) has published its 2030 EU policy roadmap, outlining a series of policy recommendations for how it sees the EU can accelerate private investment for economic transition. Ignites Europe calls out the PRI’s call for clarification and revision of the Sustainable Finance Disclosure Regulation (SFDR).

Longer read

Interesting read in the FT equating Wall Street’s response to climate change in the third decade of the 21st century to that of Orwellian doublethink. If this piques your interest, read more in the SSRN article on a forthcoming report from the Journal of Law and Political Economy.

FBC Calendar

Date: 16 April 2024

Time: 2-3pm UK time

Fund Board Oversight of Liquidity Risk Management

Managing liquidity risk is a core part of operating authorised funds, remaining high on the agenda of the FCA. FBC senior advisers, Brandon Horwitz, and Peter Christmas will share the findings of FBC’s latest research on this important topic.

More information here.

FBC Corporate Members can register here

Date: 23 April 2024

Time: 2-3pm UK time

Evaluating Fund Board Effectiveness

As the regulatory demands on fund board directors continue to grow, how can fund boards reassure themselves that they are operating as effectively as possible?

In this FBC Digital Meeting, we will explore how firms evaluate the performance of their boards. FBC MD Catherine Battershill will moderate the panel with Frank Johnson, Independent Chair, First Sentier Investors, Daniel Rotherford, Head of Product Management & Governance – Global Funds, HSBC Global Asset Management and Elizabeth Marsh, Senior Research Adviser, FBC.

FBC Corporate Members can register here.

Date: 14 May 2024

Time: 2-5.30pm UK time

iNED Council Meeting

This established in-person meeting in the FBC calendar will include a keynote and Q&A with Camille Blackburn, FCA Director Wholesale Buy-Side, followed by a session on Responsible Investment/ESG: fund board and iNED oversight accountabilities.

More information here.

This session is by invite only for FBC Corporate Members.

Date: 10 June 2024

Time: 2-3pm UK time

Consumer Duty: News FBC Research and Panel with the FCA

Brandon Horwitz, FBC senior adviser, will present key findings from new FBC research on Consumer Duty (CD) dashboards and Management Information (MI). Following this, he will chair a panel discussion with the FCA’s Chris Douglas, who has responsibility for supervising a portfolio of large and medium sized asset managers, and Laurence Mumford at M&G.

More information here.

FBC Corporate Members can register here.

If you have suggestions or feedback for the next edition of FBC Insight, please contact us using the button below. Follow us on LinkedIn by clicking on the icon and stay up to date with FBC’s latest news, events and updates.

Forgotten your Member Portal password?

If you are an FBC Corporate Member, to reset your password simply go to the Member Portal login page from fundboards.org and click ‘Forgot Password’ – a new one will be emailed within a few hours (please check your spam in case it lands in there!). Once logged in, you can set a new memorable password.