In Good Times and in Bad: The Importance of Effective Directors for Troubled Funds
With the global financial crisis of 2008 now a decade in the past, much has changed in terms of how offshore private funds are governed and monitored. The highly publicized Weavering case in 2009 brought the role of fund directorships into sharp focus, specifically the lack of robust independent oversight. Both highlighted significant deficiencies in the way some fund managers approached the role of appointing directors to the board resulting in more independent non-executive board members now being appointed. Maples Fiduciary's Senior Vice Presidents, Abali Hoilett and Tammy Jennissen, explore how high quality, engaged independent directors add value throughout the life of a fund and the critical role they play when a fund is facing challenges.