If your Fund is established as an EIF in Gibraltar, in addition to your own board nominations, you will be required to appoint at least two Gibraltar resident directors authorised by the FSC.
All of Vista senior management are licensed and authorised by the Financial Services Commission to provide such services.
The aim of the Fund’s board is to ensure the fund is controlled and managed in a satisfactory way and so good corporate governance is therefore essential. Your EIF director as an experienced and qualified individual will apply informed and independent judgement flexibly and sensibly to the specific circumstances of your fund. He should ensure that the Fund complies with laws and regulations, has effective and efficient controls, has appropriate financial and risk management and that the assets of the fund are safeguarded.
The EIF director has a fiduciary duty to act in the best interests of the Fund and its investors, by ensuring the Fund acts within the scope of the Fund’s objects as set out in the Offer Document and that conflicts of interest are avoided. He would be expected to review and approve all significant investment decisions and contracts and contribute to proper board process.
Clearly he also has to be in possession of all the necessary information on a timely basis to enable informed decisions to be made and so it is vitally important that you provide full information on performance and strategy and involve your EIF directors in the oversight of your Fund.
An effective Gibraltar authorised EIF director will not be a burden but an asset to the fund by bringing knowledgeable and experience on fund matters and contribute to a culture of sound corporate governance.
There is no concept of the “nominee” director for EIF funds and all the directors, including the EIF authorised directors are jointly and severally liable in their personal capacity for their actions. Where Vista provides an EIF director to your Fund, we will incorporate the cost of D&O Insurance cover as a disbursement to the Fund. If you prefer, there is an option for similar cover to be provided to all the Funds directors, even those not based in Gibraltar and we can provide details on request.
Provision of Local Directors
Through VCSL, we are also able to provide locally based directors and authorised signatories for associated holding and management companies.