European asset managers have said they are becoming increasingly concerned about the transparency of their board decisions amid rising regulation and scrutiny on the industry.
The survey, conducted by online board portal provider eShare, interviewed 50 European asset management professionals and found 43% are not completely confident there is adequate transparency around their board-making decisions.
Pieces of regulation such as MiFID II, which came into effect on 3 January, are designed to protect investors and offer increased levels of transparency.
However Alister Esam, CEO of eShare, said increasing regulation had also introduced a great deal of complexity as asset managers struggle to meet new regulatory requirements.
He said: "This complexity means board decisions are in the spotlight more than ever and so transparency into that decision-making is essential. Could asset managers be doing more to demonstrate how they arrived at certain decisions?"
The survey also highlighted the ongoing importance of governance and compliance, with 91% of respondents claiming it was among their top priorities.
Elsewhere, the survey found 48% of European asset management professionals said their firms were "highly concerned" about the uncertainty and lack of clarity surrounding the Brexit negotiations.
It remains unclear what type of deal the UK financial services deal will get with the European Commission warning asset managers of the "legal repercussions that need to be considered" should the UK leave the European Union with no agreement.
Furthermore, on a visit to the UK, France's finance minister Bruno Le Maire told BBC Radio 4 there would be little chance of securing a free trade agreement for its financial services sector once the UK officially left the EU.
Esam commented: "With a complete lack of clarity over what will occur in the asset management sector when the UK leaves the EU in 2019, it is no surprise that so many asset managers are concerned about what the future will hold.
"It makes preparation that much harder, but also highlights the need for transparency into decision making, with some potentially far-reaching decisions to be made over the coming 12 months."
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