Qualification For Membership
Membership is open to individuals who are, or have previously been, approved as a director by the Central Bank of Ireland (or equivalent regulator). Membership will be considered by the Council on submission to the Secretary of a statement of intent /expression of interest and a completed Membership Application Form which is available elsewhere on this website. Discretion to accept membership applications rests with the Council of IFDA.
Under the current terms of the Association’s constitutional documents, the IFDA recognises full membership status to those individuals who have applied for membership, been approved by the Central Bank of Ireland, or another equivalent regulator and have maintained their subscription in the current year.
The IFDA introduced an Associate Membership category in 2020 to extend the invitation of membership to ‘potential INED’ candidates. The IFDA is of the view that ‘potential INED’ candidates could benefit from being part of the IFDA industry engagement and general network of expertise within our membership ranks. The Associate Membership stands for the period of up to 3 years. If after that period, full board and CBI (or equivalent) approval has not been attained, the ‘Associate’ standing would lapse.
Rights And Obligations Of Membership
The rights and obligations of the membership are set out in the Memorandum & Articles of Association of the Irish Fund Directors Association Company Limited by Guarantee, a copy of which is available from the Council Secretary on request.
In summary terms:
– Every member has the power to carry one vote in relation to voting rights.
– Current membership requires the payment of an annual fee. This fee is non-refundable and payable at the beginning of each fiscal/calendar year. The annual fee is proposed by the Council and the annual fee is approved at a general meeting of members by a simple majority of those members in attendance.
– Upon payment of the annual fee the membership register is updated to reflect the membership status of all members.
– The membership register is maintained by the Secretary and is available for inspection by members on giving reasonable notice of this requirement to the Secretary.
– Members can propose issues to be considered and discussed at Member meetings.
– Members may nominate themselves for election to the Council.
– Only fully paid up members may vote to elect Council Members.
– Members may choose to resign their membership at any point, by notification to the Secretary.
Why join IFDA
The Irish Fund Directors Association (“IFDA”) was launched because of a continuing increase in Regulation and Governance, the lack of a pre-existing forum for Independent Directors and a desire to create a consistent approach among Independent Directors to standard market practice.
Overview of IFDA:
- Currently circa 160 members of IFDA;
- An elected Council of 6 members;
- A formally adopted Mission Statement, Governance Structure and Association Constitution;
- 6 to 8 member meetings per annum;
- Regulatory updates regularly presented which are specific and relevant to the professional development of members as informed Independent Directors;
- Representation of the interests of members to other key stakeholders in the industry, in particular to the Central Bank of Ireland;
- Presentations by key industry participants to IFDA members on current topics e.g. Central Bank of Ireland, Department of Finance, Law Firms.
- Advocating industry best practice in corporate governance, fund governance and Board oversight.
Current and ongoing work carried out by IFDA:
- Developing relationships with key industry stakeholders e.g. Central Bank of Ireland, Irish Funds, Law firms, Department of Finance, IDA;
- Monitoring, assessing implications and responding to Regulatory Consultation Papers;
- Practical and pragmatic assessment of the application of regulatory guidelines.