In the context of Fund Governance, ILA works in close cooperation with ALFI, the Association of Luxembourg Fund Industry. The ALFI Fund Governance Forum aims to promote best practice in matters of fund governance including periodic review and update the ALFI Code of Conduct.

ILA is Luxembourg's premier interlocutor on issues affecting directors and corporate governance and has developed, amongst others, various guidelines and recommendations specific to Luxembourg investment funds and management companies.

ILA aims to develop highly qualified, effective and respected Directors, and regularly runs training and topical events on governance and funds governance. Details of upcoming training events can be found here.

Fund Governance documents

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FAQ for Directors of Regulated Funds

Content :

  • General principles

  • Luxembourg Investment Fund structures

  • Board composition and organization

  • The role of a ManCo, AIF or Fund Director

  • Functioning of the board

  • Delegation and Due Diligence of delegates and service providers

  • Director time availability and remuneration

  • Liability

  • Indemnities and Insurance

  • Listed funds

  • Director Induction, training and CPD

  • Industry resources and guidance

  • Legal and regulatory texts

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ILA & PwC Fund Governance Survey 

"In this, our  eight edition, we benefit from the insights of more than 120 investment fund groups, across both retail and alternative markets, making this the broadest representative assessment of fund governance in Luxembourg to date. This record number of participants evidences the increasing focus on governance matters across market participants.

Our aim, in preparing this survey ,is to provide boards with insight as to current best practices and to further strengthen the overall governance framework surrounding the fund industry in Luxembourg."

Nathalie Dogniez

ILA Fund Committee Chairman - PwC Luxembourg Partner and European Asset Management Regulatory Leader

Michael Delano

PwC Luxembourg Partner

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Guide for Directors in the context of the AIF & AIFM

Setting the scene on :

  • The overall regulatory framework

  • Portfolio management, Risk management, Investment

  • Advice and holding structures

  • AIFM Directive requirements applicable to Governing Bodies

  • Key oversight bodies in the AIF context

  • Illustration of typical Luxembourg AIF and AIFM models

  • Illustration of Key AIFM decision-making processes

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EXamples of further ila documentation

  • A guide for accepting company directors’ mandates (*)

  • Group interest and subsidiary governance in Luxembourg (*)

  • Board evaluation toolkit (*)

  • Audit Committee Guide (*)

(*) All those documents are restricted to our members. If you are not a member, and wish to order our brochures, please fill in this document and send it to

ILA Publications

ILA offers a vast range of publications linked to the profession of Director

Discover our documentation

Not an ILA member? If you wish to order our brochures :

send an email to the team