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  • HC-1.7 Directors' Access to Independent Advice

    • HC-1.7.1

      The Board must ensure that individual directors have access to independent legal or other professional advice at the investment firm licensee's expense whenever they judge this necessary to discharge their responsibilities as directors and this must be in accordance with the investment firm licensee's policy approved by the Board.

      January 2011

    • HC-1.7.2

      Individual directors must also have access to the investment firm licensee's corporate secretary, who must have responsibility for reporting to the Board on Board procedures. Both the appointment and removal of the corporate secretary must be a matter for the Board as a whole, not for the CEO or any other officer.

      January 2011

    • HC-1.7.3

      Whenever a director has serious concerns which cannot be resolved concerning the running of the investment firm licensee or a proposed action, he should consider seeking independent advice and should ensure that the concerns are recorded in the Board minutes and that any dissent from a Board action is noted or delivered in writing.

      January 2011

    • HC-1.7.4

      Upon resignation, a non-executive director should provide a written statement to the chairman, for circulation to the Board, if he has any concerns such as those in Paragraph HC-1.7.3.

      January 2011

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