Working Committees
Corporate Resources: KPMG Luxembourg SC
Analysis and dissemination of Audit Committee practices in Europe and the USA. Adapting to the 8th Directive reform. Promoting awareness and training Directors in the new environment. Comparing practices around Europe. Defining organisation models adapted to Audit Committees. Defining the agendas of Audit Committees.
Corporate Resources: KPMG Luxembourg SC
Watch meeting; review the evolution of the forthcoming regulation/discussion at the EU level and analyse the potential impact for the bank’s board members. Review the effectiveness of board, definition of responsibilities of the independent director, education program….).
Corporate Resources: Institut Luxembourgeois des Administrateurs
The purpose of this ILA committee is to provide guidance on the organisation and effectiveness of the board. The guidance is not intended to be prescriptive but rather it is intended to stimulate boards' thinking on how they might carry out their leadership role more effectively. Boards need to think deeply about the way in which they carry out their role and the behaviours that they display, not just about the structures and processes that they put in place. Ultimately, of course, it is for individual boards to decide on the organisation and governance arrangements most appropriate to their circumstances and to interpret this guidance accordingly. This guidance will cover six main areas: The effective board including the role of the chairman, the role of executive directors, the role of non-executive directors; Committee structures and functioning e.g., role, reporting, liability, composition etc. – board level (audit, remuneration, nomination and governance) and key operating committees (risk, valuation etc.) Board composition, remuneration* and succession planning* including evaluating the performance of the board and directors; *Remuneration and succession planning would extend beyond the board to a review of CEO/senior management remuneration, performance and succession planning; Decision-making - well-informed and high-quality decision-making is a critical requirement for a board to be effective; Board information – the presentation of high-quality information and documentation to the Board. Relations with shareholders e.g., communication of a company's governance. Guidance is already available on some of these topics e.g., audit and remuneration committee guidance, board evaluation forms. Given the important role of the Company Secretary in ensuring board effectiveness, the group will work in close collaboration with the ILA Company Secretary Committee. Particular topics on which the committee will focus its attention in the coming months include: • aligning corporate governance and culture • effective use of board committees; • decision-making and issues of bias; • board tenure; • reporting on governance in directors' reports. It is intended that this guidance, as it is developed, will provide a useful tool for boards and their advisers.
Corporate Resources: Institut Luxembourgeois des Administrateurs
Monitoring the application files submitted by the members who are willing to apply to the ILA Certification for Directors (review of the information provided against criteria and propose recommendations to the Management Committee). The aim of the committee includes also the review of the CPD obligations.
"Supporting those who support the Board". Promoting, developing and supporting the role of Company Secretaries in Luxembourg. Improve their services and professionalism by developing professional standards, training programmes and networking opportunities. Establish and maintain good relations with equivalent organisations such as ICSA and CSIA.
Corporate Resources: DELOITTE SA
Based on a survey among Independent Directors, aiming at understanding their Digital Competence, the Impact of Digital on their activities and on companies, the work group commissioned itself with the design of a series of training/conference modules which will contribute to close the perceived literacy gap by delivering insights into technologies, methods, used cases and testimonials on digital transformation. The goal is to provide the directors with a sufficient level of comfort to raise “10 questions” every director should ask in relation to digital.
Corporate Resources: Institut Luxembourgeois des Administrateurs
Promoting, developing and supporting the training programs for directors.Offer to ILA members specific training program dedicated to directors.Propose a continuous educational program in specific areas. Develop partnerships with international and local organisations.
Corporate Resources: DELOITTE SA
Inventory of the current state of governance principles within Family owned businesses through qualitative and panel based meetings mainly with owners. Drafting of a practical guide for owners and managers, organisation of sensibilisation conferences and roadmap for a specific training module.
Corporate Resources: DELOITTE SA
Establishing an inventory of existing practices and conducting comparative analyses. Drafting a practical guide to governance, specific to all different types of financial companies. Distributing the guide and training Directors to fulfil their responsibilities
Corporate Resources: EY SA
Promoting Fraud Risks Awareness to Board Members. Practical Guide designed for Board Members.
Corporate Resources: EY SA
The aim of the Insurance Committee is to take an inventory of all obligations imposed on directors of insurance companies and reinsurance companies in Luxembourg. The census is carried out as well in the legal and regulatory framework currently in force as in the light of new obligations which should result from Solvency 2 which the final version will be adopted in the coming months and will apply from January 1, 2016.
Corporate Resources: Institut Luxembourgeois des Administrateurs
Supporting ILA members in promoting integrity in the board room, through best practices, tools to identify risks, frameworks for instilling understanding, with the aim to go beyond codes of conduct and regulation in order to support the whole culture of the organization on the basis of an enhanced integrity awareness.
Corporate Resources: DELOITTE SA
Supporting the role of Audit Committees of UCITS and AIFs in Luxembourg. Developing guidance on the establishment and effective functioning of such ACs, the roles and responsiblities of its members and its interaction with various stakeholders.
Corporate Resources: PwC Luxembourg SC
Updating and improving the study on practices in the governance of international investment funds. Conducting international comparisons and dissemination.Adoption of European norms specific to the Funds industry.
Sub group of the Investment Funds Committee. Updating and improving the study on practices in the governance of AIFs. Conducting international comparisons and dissemination.Adoption of European norms specific to AIFs.
Corporate Resources: ELVINGER HOSS PRUSSEN SA
Participation in EC consultations on the Action Plan for Company Law. Active participation in the Working Group on Corporate Governance (COBMA/CODEPLAFI) and in the “Policy” commission of ecoDa.
Corporate Resources: Société de la Bourse du Luxembourg
Monitoring the application of the “10 Principles of Corporate Governance of the Luxembourg Stock Exchange”. Organisation of awareness and training programmes for Directors of listed companies.
The Marketing and Communication Committee supports the work of the Management Committee in developing the ILA marketing and communication strategy. It will ensure the harmonization of the ILA brand identity and set up concrete actions in promoting the Institute in application of the strategy.
Corporate Resources: Institut Luxembourgeois des Administrateurs
Its mission is to support the Board of Directors of ILA by collecting, analyzing and recommending candidates to the Board of Directors. The Nomination Committee recommends and acts as an advisor to the Board of Directors in establishing its list of proposed candidates to the General Assembly.
Corporate Resources: Banque de Luxembourg
The ILA Non-Profit Organizations Committee aims at identifying specificities in the governance of non-profit associations and foundations. It promotes good governance principles and best practice in non-profit organizations. It develops tools, publications and training courses for directors and all actors in the non-profit sector.
Corporate Resources: Institut Luxembourgeois des Administrateurs
Corporate Resources: BGL BNP Paribas SA
Adapting to reforms as required by EU recommendations. Organizational models adapted by different Remuneration and Nomination Committees and definition of Best Practices. Responsibilities of Remuneration Committee Presidents. Applicability within the sector, especially for listed companies. Usage of benchmarks. Roles of consultants. Remuneration studies.