[Persons considering taking appointments as directors of AIF Management Companies and existing directors should be aware of their duty to act bona fide at all times in the best interests of the company.
The Central Bank expects that where an AIF management company manages AIFs which are in distress that directors do not resign if this is not in the best interests of the AIF management company or, more importantly, if this is not in the interests of the unitholders of those AIFs.
In difficult or stressed situations, the Central Bank will seek to work with the directors of the AIF management company to resolve the issues facing the AIF management company and the AIFs under management. For that reason, the Central Bank will want to see that directors continue in their positions, to work for the company and with the Central Bank, to seek the best resolution. The Central Bank would remind directors, importantly, that resignation based on a mere entitlement to resign would not in the opin
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