ALFI & ILA Documents


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.

Specific Guidance for the implementation of the ALFI Code of Conduct is available on the following topics:

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 

"This is our 10th edition of the survey, where we were fortunate enough to gather insights from the boards of 122 investment fund and management companies covering both liquid and alternative products. This record number of participants evidences the continued attention to governance given by market participants.

Our aim in preparing this survey is to provide boards with insights into current good governance practices and to further strengthen the overall governance framework of the Luxembourg fund industry."

Michael Delano

ILA Fund Committee Chairman - 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

  • Getting on Board (*)

  • 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 contact

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 :

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