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ALFI code of conduct


ALFI Fund Governance Forum

The ALFI Fund Governance Forum aims to promote best practice in matters of fund governance. The Forum co-ordinates its efforts with ALFI Technical Committees and with relevant external bodies in the pursuit of its aims.

alfi code of conduct

A primary responsibility of the ALFI Fund Governance Forum is to periodically review and update the ALFI Code of Conduct. The ALFI Code of Conduct provides boards of directors with a framework of high level principles and best practice recommendations for the governance of Luxembourg investment funds and management companies. Originally published in 2009, the second and latest version of the ALFI Code of Conduct was issued in June 2013.The trust of investors is key to the continuing successful development of the investment fund industry. ALFI strives to raise awareness of the leadership role that boards of directors have in promoting good ethical behavior, integrity and professionalism throughout the sector.

ALFI reminds both members and non-members of the importance of adhering to the principles of the ALFI Code of Conduct, and applying, as circumstances permit, its recommendations.

As shown by the latest and most extensive survey performed to date on Luxembourg Fund Governance, the ALFI Code of Conduct has been adopted on a wide-spread basis by industry participants.

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

Additionally there are numerous ALFI guidelines and recommendations that address many aspects included in the ALFI Code of Conduct which can be accessed here.

The ALFI Fund Governance Forum works closely with ILA (Institut Luxembourgeois des Administrateurs - the Luxembourg Institute of Directors), and in particular the ILA Fund Governance Committees. ILA is an independent non-profit organisation dedicated to promoting best practices in the field of corporate governance, organising governance research, guidance, training, conferences and discussion forums.  ILA is Luxembourg’s premier interlocutor on issues affecting directors and corporate governance, actively engaging with key stakeholders such as government, regulators, trade associations and the director community, on the introduction, application and oversight of corporate governance rules and practices. 

ILA has developed guidance material on several topics that are of relevance to the ALFI Code of Conduct which can be accessed here.

In addition, ILA is conducting a Luxembourg Fund Governance Survey whose last edition (2018) can be retrieved here.


Updated on 19/02/19  
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