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!
FEATURES & ANALYSIS
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 Battershill discussed 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.
VIEWPOINT
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.
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.
SPOTLIGHT
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.
CROSS BORDER INSIGHTS
…. LETTER FROM LUX
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.
…. ALDCROFT ON ASIA PACIFIC
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.
…. A VIEW FROM THE LIFFEY
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.
PROFILE
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.
BOARD BUSINESS
IN THE NEWS
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.
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.
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.
FBC Corporate Members can register here.
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