Lunch Talk: Tasks of the Board of Directors in Luxembourg

On 21 October, a digital Lunch Talk was held on the following topic: Tasks of the Board of Directors in Luxembourg.

This Lunch Talk was organised by the Senior Professionals Working Group, where supervisory board and board mandates are among the relevant topics.

After a brief welcome by Fondsfrau Anke Dembowski, Corinna Valentine moderated the talk. She is COO at Fidelity International in Germany and also holds a board position herself for a Luxembourg fund.

The Panelists were:

• Nicola Phillips – Global Head of Company Secretariat, Fidelity International Luxemburg
• Delphine Muriel – Senior Company Secretary, Fidelity International Luxemburg
• Lanaís Pauletti – Governance Officer Company Secretariat, Fidelity International Luxemburg

The talk highlighted the following questions:

• What are the requirements to fill a board position?
• Is special training useful?
• Who recruits board members?
• Is it possible to apply for a board member position?
• How much time is involved?
• What is the remuneration like?
• For what period is one then appointed?

For those interested in a board position at a Luxembourg fund, it is first important to have the right expertise. Overall, the board of directors should be able to cover all important areas - from ESG to distribution to technical topics.

Furthermore, it is important for aspirants to network well and be visible in the market. Only in this way can the relevant market participants know that one is interested in such a position.

As an important reference, the speakers recommend the annual "Luxembourg Fund Governance Survey", which pwc produces in cooperation with ILA, and also the association of independent directors, the "Institut Luxembourgeois des Administrateurs (ILA)".

Any appointment of a board member requires the approval of the Luxembourg supervisory authority. Since diversity aspects have now also come to the fore here, experienced women from the fund industry have a good chance of being included on a board of directors.

For further information on the topic, the following links are helpful:

• Institut Luxembourgeois des Administrateurs (ILA)
• Certification of Directors (ILA)
• Aspiring Directors Programme Overview | INSEAD
• The Female Board Pool
• Luxembourg Fund Governance Survey 2020 – 2022 (die Untersuchung wird Mitte 2023 veröffentlicht.

We would like to thank Corinna Valentine and the three speakers for an interesting lunchtime snack of knowledge on a subject that is pretty rarely explored!