Concerns over Financial Conduct Authority's new iNED rules
Companies may overlook external candidates, argue commentators
The new iNED rules come into effect today
With new Financial Conduct Authority (FCA) rules requiring fund management firms to have appointed a minimum of two independent non-executive directors (iNEDs) to their boards kicking in today (30 September), industry commentators have raised concerns fund managers may be relying too heavily on those within the industry to fill the two roles, rather than looking externally.
The regulator introduced the rule on iNEDs following its Asset Management Market Study, which found balancing the interests of investors and shareholders was not always being struck appropriately by boards....
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