The Financial Conduct Authority (FCA) has told asset management firms they must recruit two independent non-executive directors (iNEDs) to improve the levels of governance within firms and to ensure better scrutiny of their costs and charges.
Filling the iNED gap is not going to be easy. The race is on to find the right talent capable of meeting FCA rules before they come into effect in 2019. Ex-Investment Quorum CEO Robertson joins AiNED It is imperative asset managers take the regulatory changes seriously. Under the new regime, firms will be required to appoint a minimum of two iNEDs so they make up at least 25% of the total board membership. To ensure independence, potential candidates cannot have been paid by the fund manager for five years before their appointment, nor have had any business relationship with the f...
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