Mon 11 Dec 2017
News - ILA Director’s Day: confronting the latest challenges
ILA Director’s Day 2017: confronting the latest challenges

More than ever is expected of the modern company board, and ILA’s Director’s Day helped members address these new, growing challenges. The conference on 28 November 2017 at the Chamber of Commerce gave advice on the challenge of cyber security, new data protection laws, and non-financial risk. There was also a review of the evolving role of the chair, the planned reform of the pension system was explained, and there was a chat with the financial regulator.

ILA chairman Raymond Schadeck kicked off the 2017 event by reminding the audience of the association’s two key goals: promoting best practice and making ILA the leading interlocutor on corporate governance in Luxembourg. Although recognising there is still some way to go to realising this latter ambition, the association’s role in the legislative and regulatory process is growing.

At the forefront of members’ concerns is the suggested move to charge VAT on administrator fees, and Mr Schadeck underlined ILA’s role working on this topic. He also spoke about the association’s growing relationship with the Chamber of Commerce. “They have committed to including our opinions in their official statements that are part of the consultative process when legislation is being drafted,” he explained. More broadly, the Chamber has committed to keeping an eye out for any regulatory and legal changes in respect to governance.

On training, ILA’s work to secure German-language certification courses has born fruit, with the first graduates of this scheme receiving their ILA certification at the conference. A further new development for 2018 will be courses that lead to certification for company secretaries. Such is the demand, the first and second of these programmes are already sold out, with a third being planned. Going forward, Mr Schadeck said “we are listening to your training needs regarding digital business, directorships of subsidiaries, the development of board simulation training tools, SMEs and family businesses, and more.” For more information, members should contact Véronique Vansaen at the ILA office.

The flow of information will also be enhanced in other ways. A digital working commission has been created, which will organise a series of breakfast meetings for 20-30 members with a professional facilitator. ILA are constantly updating their publications, and a new not-for-profit organization brochure is due soon. As well, the up-coming Getting on Board magazine will give key information about what to do when seeking to become an independent director, a FAQ for regulated funds, a board evaluation toolkit, and more. A new ERP system and website are to go live at the beginning of 2018, enabling more proactive, targeted communication about subjects, sectors and topics that are important to each individual member. Online payment services will also be possible from early 2018.

Rounding off the introduction was a reminder of upcoming events: 24th January, ILA fund day; 31st January the New Year Drink; 8th February, a conference on potential conflicts between AIF boards and AIFMs.