How Fund Directors bring value to the external audit: Best practices and developments

How Fund Directors can bring value to the external audit in the context of a new market study with guidance on best practices

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Justin is a partner in Deloitte specialising in the asset management industry. He has worked for Deloitte in South Africa, in the U.S.A and, for the past 15 years, in Luxembourg.

His experience is focused on leading audit engagements of Management Companies, UCITS and Private Debt Funds in Luxembourg for a number of global asset managers. He co-leads the Corporate Governance Centre for Deloitte in Luxembourg and is a member of the ILA Fund Governance Committee and co-chair of the ALFI Corporate Governance forum.


Henry Kelly is the Managing Director of the Luxembourg-based consultancy firm that he founded in 1999. His firm, KellyConsult Sàrl, is a licensed business advisory company (“société de conseil économique”) that provides services to the investment fund sector in Luxembourg and internationally. He was the Founding Chairman of the ALFI Fund Governance Forum from its establishment in 2011 until 2018 and serves on the Investment Funds Committee of the Luxembourg Institute of Directors (ILA). He was a member of the ALFI Executive Committee for ten years (1995 – 2005). He is a member of the European Fund and Asset Management Association (EFAMA) Corporate Governance Working Group and is a regular speaker at conferences on fund industry matters. He is an independent director of several investment funds and management companies.

From 1993 – 1999 he was a Managing Director of Flemings Luxembourg (now JP Morgan Asset Management). Prior to joining Flemings in 1993, Henry Kelly worked in the capital markets division of BNP Paribas for 5 years following 7 years’ experience with Price Waterhouse in Paris, Frankfurt and New York. He has a master’s degree in Modern Languages from Cambridge University and is a Member of the Institute of Chartered Accountants. In 2013 he obtained the INSEAD Certificate of Corporate Governance and qualified as an ILA certified director


Carine Feipel is the current Chair of ILA.

She is a Luxembourg attorney and certified independent director (INSEAD IDP-C and ILA Certified).
She is a member of the Board of Directors of a bank, several insurance companies, investment funds and other undertakings.

She has practiced as a lawyer since 1994, specializing in insurance law. She spent almost 20 years with a major Luxembourg law firm before becoming independent in 2014. She advises insurance and reinsurance companies as well as other financial institutions on insurance law related questions.

Since 2010, Carine Feipel has been a member of various committees within the Haut Comité pour la Place Financière.


Virginie Lagrange is current Vice-Chair of ILA.

Virginie is an Independent Director certified by ILA and INSEAD and a former certified Réviseur d’Entreprises. She sits on Boards, audit / risk committees and renumeration / nomination committees of several banks, insurance companies and Management Companies.

She has 28 years of experience in the Bank and Investment Fund industry in Luxembourg. She started as bank auditor at Ernst & Young in 1993. In 2000 she joined UBS as Head Internal Audit and then as Chief Risk Officer. In 2009 she became Chief Financial Officer at Credit Suisse and in 2010 she joined Nomura Bank Luxembourg as Chief Internal Auditor before being promoted Chief Administrative Officer.

Virginie holds a Master in Management from the French Ecole de Commerce of Marseille. She speaks fluent French, German and English.

LI John

John is a Partner of The Directors’ Office, the leading practice of independent Directors in Luxembourg since November 2011.

John trained and qualified as a Chartered accountant in the UK. He moved to Luxembourg in 1987. During the last 30 years John Li worked essentially in the Financial sector auditing and advising clients such as Banks, Investment Funds, Insurance companies, etc. Clients also were from Europe, US, Japan and Asia offering John an extensive experience in dealing with international companies. He now serves on the Board of a number of financial institutions, essentially investment funds.

John Li was a Partner at KPMG Luxembourg for more than 20 years during which he was Managing Partner for 8 years (2000-2008) before taking on the role of Chairman of the Supervisory Board for 3 years (2008-2011). He was also a member of the Leadership team of the Global Investment Management Practice in KPMG.  

John is a member of the Management Committee and Board of Directors of the Institut Luxembourgeois des Administrateurs (ILA).


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Date and Time

From 13/11/2019 16:30
To 13/11/2019 19:00

CPD Hours

1.0 hours


ILA - Institut Luxembourgeois des Administrateurs



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