As the regulatory demands on fund board directors continue to grow, many fund boards are adopting more formal approaches to reviewing how effectively they are discharging their governance duties.
Although there is currently no regulatory requirement to conduct formal evaluations, Board Assurance Reviews (BARs) are increasingly being seen as an important exercise for well-functioning fund boards.
In early 2024, FBC will be conducting research into this important topic as part of its Fund Board Effectiveness Barometer research series. The research findings, which will be available to FBC Corporate Members in March 2024, aims to provide fund board chairs, company secretaries and other governance professionals with valuable insights to help inform their own approaches to BARs.
FBC’s Managing Director, Catherine Battershill, explains: “As it says on the tin, Board Assurance Reviews can not only provide assurance that the board is discharging its duties effectively but also can bring to the fore valuable additional insights into important aspects of the board’s operations. We see many boards using these reviews as a means of examining areas such as succession planning, opportunities to enhance certain governance practices and their board processes.”
Catherine continues: “FBC’s Barometer research will shed light on the state of BARs specifically for fund boards, identifying the format, scope and frequency of review approaches at different fund boards. As well as presenting highlights on the state of BARs in the industry, the research will identify good practices and provide a checklist of key considerations for boards considering initiating or improving their own board review process.
Look out for more information on the FBC Fund Board Effectiveness Barometer research early in 2024. Information on FBC’s current BAR support for fund boards can be found here.
FBC corporate members can register for the Digital Meeting on this topic, and get a first look at the key findings, taking place on Tuesday 23rd April, 2-3pm UK time
