Amongst other things, we: • provided a gender balance target of no less than 40 per cent board representation of either gender • created guidelines designed to assist in managing any conflicts that may be identified where directors sit on multiple fund boards • re-iterated the importance of disclosure as it relates to remuneration of the board and executives alike • discussed competency, in particular, setting an ideal target of 30 hours of professional development for trustee directors, and • underlined auditor importance and the type of services that should not be provided by an independent auditor. As a joint project with IFF, we can claim to have developed governance guidelines that have broad support from two camps with often vastly different opinions: CEOs and trustee directors. As far as an industry-wide code of governance is concerned, we believe our framework is a great starting point.