The importance, visibility and primacy of fund boards in the UK (also referred to as Authorised Corporate Directors) has grown substantially in the last three years. This has been on the back of the Financial Conduct Authority’s 2019 Asset Management Market Study requiring the publication of the annual Assessment of Value report by fund boards as well as ensuring greater independent governance oversight. The purpose and effectiveness of fund boards is now an established and ongoing focal point for the regulator.

Fund Boards Council has analysed data covering the boards of over 80 UK authorised fund managers, which includes almost 500 board directors, of which over 200 are non-executive, to develop the FBC Board Composition Database. Believed to be the first of its kind in the UK funds industry, the FBC Database provides valuable insights and industry data points to fund boards considering the make-up of their own fund boards and inform directors’ decision-making on key fund governance topics.

The first iteration of the FBC Database, which will be updated regularly to provide the latest insights into the make-up of UK fund boards, includes key statistics such as:

1. Non-executive directors make up 41% of UK fund boards
2. Female directors (executive and non-executive) make up 31% of UK fund boards
3. Female non-executive directors account for 38% of UK fund boards 
4. Non-UK residents account for 8% of UK fund board directors
5. The majority (64%) of UK boards have between 4 and 6 directors