ila resource center

          In a crisis, when the stakes are high and scrutiny is intense, the board has a unique role: stepping in and taking big decisions that have a significant impact on the future of the organization.

          At ILA, we have put together this resource center to help you navigate this exceptional situation.

          Have a look at the upcoming virtual events organised by ILA, read the guidance from our working committees and check out other important events and news around the COVID-19 crisis.


          ila virtual events calendar

          ILA Coffee Chats

          This webcast series is a new initiative aimed to be a regular show for Board members, general counsel, company secretaries and related governance professionals.   

          It aims to discuss topical issues relevant to Luxembourg Boardrooms and to the Luxembourg director and governance communities.  

          This series aims to be interactive and give a brief insight into topical issues. Where certain topics require more detail, various webinars are being created in parallel to dig deeper into various themes.

          Please note that no CPD hours will be allocated to these chats.

          The Coffee Chat sessions will be back in September after a short summer break!

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          ILA Coffee Chat 12: COVID-19: Managing current challenges in illiquid funds

          22nd July

          This chat was hosted by Monique Bachner, member of ILA Board of Directors, and  moderated by Michael Hornsby, Former co-charman of the ILA Altenatives Taskforce, who was accompanied by:.

          • Andrea Montresori, Partner, PwC

          • Gilles Dusemon, Partner, Arendt & Medernach

          • Hans-Juergen Schmitz, Managing Partner, Mangrove Capital Partners

          • Keith Burman, Independent Director

          • Peter Veldman, Head of Fund Management, EQT Fund Management

          • Robert White, Partner, EY

          This Coffee Chat focused on managing current challenges in illiquid funds (e.g. Real Estate, Private Equity, Infrastructure, Private Debt) in light of COVID-19. We exchanged thoughts on: Board responsibilities, Going concern related considerations, Liquidity in the context of open-ended funds, Transparency of disclosure to investors

           


          The recording of this chat will be available soon


           Past sessions

          Ila working COMMITTEE guidelines

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          ILA Guide for Fund Directors overseeing the financial statement process during times of crisis

           Investment Fund Audit Committee

          In times of crisis, more than ever, the role of Boards is crucial in overseeing the financial statement preparation process and, if applicable, the audit cycle. Boards will undoubtedly be focusing their attention and efforts to guide the business through the crisis, such as the roll out of business continuity plans, in order to weather the storm.

          This paper sets out guidance and recommendations of best practice for the Board to consider during times of crisis when seeking to discharge its duty to ensure that complete and accurate financial statements have been prepared in accordance with financial reporting standards and applicable Luxembourg rules and regulations.

          Read the publication 

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          Ethics, ESG and the Corona Age

          Integrity Committee

          Ethics in business is a long-term affair. It is also an unresolved question that practitioners, regulators, academics and politicians have struggled to answer in the aftermath of individual corporate scandals or societal crises such as the financial disaster that was 2008/09. Governance professionals and institutions such as ILA aim to influence business behaviour to be more responsible, predictable and trustworthy – in short, more “ethical”. 

          Read more 

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          Topics for Boards of Investment Fund Managers and Investment Funds to consider during the Coronavirus (Covid-19) disruption

          Investment Fund Committee and the Alternatives Taskforce

          In the context of the Coronavirus crisis, ILA’s Investment Fund Committee and the Alternatives Taskforce are publishing a guide identifying key topics which Boards of Investment Fund Managers (IFMs) and Investment Funds should, or may wish to, consider in the context of the Coronavirus (COVID-19) disruption. The document also provides a brief of summary of each topic and includes selected references for further reading. Some of the topics are also relevant for Service Providers to Funds and to IFMs.

          Read more 

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          Governance of Luxembourg companies

          Legal & Regulatory Committee


          Given the impact of the COVID-19 pandemic, the Luxembourg Government, pursuant to article 32(4) of the Luxembourg Constitution, declared the state of emergency on 18 March 2020 for an initial period of three months, which has been confirmed by a law dated 24 March 2020.

          Read more 

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          COVID-19 measure- Extension of deadline for filing of annual accounts and related reports

          Legal & Regulatory Committee

          Amongst the numerous legislative and regulatory measures adopted or to be adopted in the period of COVID crisis, a new bill of law is about to pass into law which shall assist companies to meet its ongoing obligations provided for under the law of 10 August 1915 on commercial companies (“Company Law”) and the law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings (“2002 Law”).

          Read more 

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          Electronic Signatures – What Boards should look out for

          Legal & Regulatory Committee

          In these weeks and months marked by the corona virus and the entailing restrictions on physical meetings, Boards and companies are faced with practical issues in the implementation and recording of their decision taking.

          Whilst a recent grand ducal regulation of 20 March 2020 enables companies in this crisis, to hold its shareholder meetings and meetings of management bodies exclusively in digital form, the issue of signing documents, agreements, resolutions or minutes of those digitally-held meetings remains.  

          Read more 

          information from ILA partners

          Thoughts and feelings from ila members

          This section of the ILA website provides a platform to ILA members to share their views, opinions and thoughts in the current very special context.

          Views, analyses and opinions appearing in this section are the sole responsibility of their author and shall not be considered as endorsed by ILA nor reflecting a ILA position. The views expressed by ILA members are their own and ILA shall not be held liable for the quality, the accuracy nor the opinions expressed therein. 


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          “I dare to hope that we will not waste this crisis and get the wake-up call from nature!”

          By Raymond Schadeck

          In my article dated April 2nd (“I dare to hope that the world after COVID-19 will no longer be as it was ” ) I referred to, among others, the link between the current turmoil generated by COVID-19 and the effects of climate change. I also shared my deep hopes that with our full support as corporates and private citizens, decision makers “will dedicate the same energy and authority toward the development and deployment of a similar action plan to cure and save the lungs of our planet i.e. our forests and trees”. Indeed as Arundhati Roy, Indian author and environmental activist, puts it: “Historically, pandemics have forced humans to break with the past and imagine their world anew. This one is no different. It is a portal, a gateway between one world and the next.” Personally, I don’t see why this shouldn’t hold true in our current context, or why we should be too foolish to miss this opportunity to mend what is broken?  

          Read the artile

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          Comment assurer la bonne gouvernance en temps de crise

          By Paperjam with Carine Feipel and Luc Frieden

          Au cours d’un débat virtuel entre Luc Frieden et Carine Feipel, l’Ila a posé les bases du rôle des conseils d’administration dans le contexte de la crise actuelle. La recette: soutenir plus qu’avant, mais respecter les frontières.

          Read the complete article on paperjam.lu

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          ‘To have’ and ‘to be’ : what if we inverted our values ?

          By Raymond Schadeck

          In my last article, when referring to Maslow’s famous pyramid of needs, I noted that in this period of crisis, basic primary needs tend to regain in importance at the expense of other more material and ancillary needs. I also expressed my hope that the moral reappreciation of certain professions, which have become the keystones of the management of this crisis, could serve as the basis for a thorough re-assessment of the real impact of all professions in our society and respective adjustments in remunerations.

          Read more

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          Comment assurer son assemblée générale en confinement

          By Paperjam, with Carine Feipel & Robert Scharfe

          Un règlement grand-ducal autorise entreprises et asbl à tenir leur assemblée générale sans présence physique ou à la reporter jusqu’au 30 juin. Des mesures exceptionnelles qui imposent aussi de bien s’y préparer.

          Read the complete article on paperjam.lu

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          I dare to hope that the world after COVID-19 will not be the same anymore!

          By Raymond Schadeck

          An optimist by nature, I always have a tendency to try and imagine the manifold new opportunities that any situation, even a crisis of this magnitude, might reveal. This one is no exception. I am deeply convinced that the current health, economic, and financial crises offer plenty of such opportunities – it will be up to us to seize them once the crisis comes to an end. And I dare to believe that on an individual and collective basis we will seize at least some of them. 

          Read more

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          COVID-19: fear and anxiety (25 March 2020)

          By the University of Sydney

          The situation around COVID-19 is evolving at an astounding rate. Thinking beyond the physical health ramifications to the mental health, anxiety, communication and sense-making aspects, our panel looks at what's going on and do their best to make sense of the rapidly shifting series of events.

          Listen to the podcast

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          Board reactions to a crisis

          By Reyhan Gulec

          We have been going through rapidly unfolding events since the beginning of 2020. Now coronavirus has hit the world off guard for a while and it has its immediate domino effects. Most companies are stumbling with managing their ability to cope with the adverse impacts of the virus on their businesses. The boards still have their statutory and fiduciary duties in reacting to effects of coronavirus on their companies.

          Read more

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          Regulation on Virtual Meetings & Option to Use E-signatures

          By Reyhan Gulec

          Coronavirus has hit all the world and businesses around the globe. This scale health crisis requires rapid regulatory adjustments. Legislative bodies and regulatory authorities are trying their best to ensure the businesses run smoothly as much as possible with least human contact. Likewise, in Luxembourg, on 20th March 2020 a Grand Ducal regulation was published for virtual meetings in companies and other legal entities due to the state of emergency declared on 18 March 2020. Kindly keep in mind that this decree is applicable mutatis mutandis to all other legal entities 

          Read more

          Talk to us

          If you have suggestions about topics to be discussed in our ILA Coffee Chats, if you would like to ask questions to our working committees or need guidance in a specific situation you or your board is facing, and/or if you want to share an interesting article, podcast, etc. with the ILA community, don't hesitate to drop us a note on the link below, it is anonymous!

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