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You are in Indirect – Manager Selection, Appointment and Monitoring » Outputs and outcomes
Governance concern. The investment manager acknowledged that their existing board is not independent.
Our company monitors the appointed investment managers on an ongoing basis. The manager research team will monitor the investment managers on a quarterly basis and flag any concerns that might arise to the operational risk team. When the investment manager board became a concern, the investment team's risk team arranged an onsite visit with the objective to address the non-independence of the board of the investment management company.
The investment manager underwent a process of reviewing their current board structure. Two non-executive members have since been appointed. They also arranged subsequent meetings to provide feedback as they resolved our concern. The investment manager also created a risk department and the current compliance function will report into the board. This will address the investment compliance monitoring concerns raised in terms of the lack of independence on the board.