The judgment in Weavering Macro Fixed Income Fund Limited (In Liquidation) v Peterson and Ekstrom (2011) that was delivered at the end of August 2011 has refocused the offshore hedge fund industry on the role of directors of offshore hedge funds.
The facts as found in Weavering were extreme: the judge found that the directors had subordinated their judgement to that of the investment manager and had not exercised any meaningful supervisory role at all. At the same time, and by way of contrast to his commentary on the facts in this case, the judge affirmed good corporate governance principles.
This decision may require some independent director service providers to re-evaluate aspects of their business models and standard practice and our new guidance note will help them do this.
Please click here to download our note, which sets out practical advice for both directors and promoters, on issues from the decision about which directors to choose, right up to what to do in a crisis situation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.