SBAI » Governance

Bringing managers and investors together to set standards for the alternative investment industry

Governance

The Alternative Investment Standards cover governance at the firm (alternative investment manager) and fund level. Firm governance refers to the organisational structures, management processes and other arrangements to create a robust system to manage the firm. Fund governance refers to the activities performed by the fund governing body to oversee the fund and address conflicts of interest between the manager, the funds that they manage and the investors in those funds. The documents in this section have been produced by the SBAI’s Governance Working Group.

Standardised Board Agenda

The purpose of the Standardised Board Agenda is to provide guidance to fund directors, managers and investors on issues and topics to be addressed and documentation to be produced at those board meetings. The original version was published in April 2014. Managers and investors can encourage fund boards to use/adopt the Standardised Board Agenda for their meetings. Fund Directors can use the agenda/incorporate it in their approach.

New: Conflicts of interest in parallel funds

The memo sets out a case study about potential conflicts of interest arising between parallel funds, highlights how the Alternative Investment Standards address these issues and provides examples for additional measures managers can take to strengthen their approach. It also provides an overview of areas investors should assess as part of their due diligence on how a manager addresses potential conflicts of interest. The memo follows the SBAI’s public consultation on conflicts of interest in parallel funds in 2015/16 (Consultation Paper CP4).