Juan Manuel Viver, Policy Officer at BETTER FINANCE, was quoted in Ignites Europe - the Financial Times’ supplement covering the funds industry - on the call for a cap on the number of fund board directorships held by some Irish industry professionals.
The call by a senior EU financial consumer advocate comes following a study carried out by the Irish fund industry regulator which showed that 13 individuals held 652 directorships between them. However, the Central Bank of Ireland already spoke out against the cap, intending nonetheless to take a closer look at thosedirectors who sit on at least 20 boards and work over 2,000 hours a year.
Juan Manuel Viver of BETTER FINANCE rightly pointed out that “if any caps were to be introduced on fund directorships, any limit should be weighted against the total assets [of all funds] under management [where the individual] holds a directorship”.