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The Evolving Role of Governance in Asset Management

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The Evolving Role of Governance in Asset Management

Posted on by Wendu Ejim

The asset management industry, with its multifaceted operational dynamics and the sheer volume of financial transactions, has long been under the microscope of various stakeholders. And at the center of it all lies governance. It’s a term that has grown and evolved, reflecting shifts in industry standards, regulatory changes, and global economic paradigms. Let’s delve into how the role of governance in asset management has changed over the years, the catalysts driving these shifts, and the direction it’s taking as we chart a course into the future.

1. Governance Then and Now

Traditionally, governance in asset management was largely perceived as a mechanism for oversight and control. The primary objective was to prevent impropriety and ensure legal compliance. Today, while these elements remain crucial, governance has broadened to encompass facets such as ethical investment decisions, stakeholder engagement, transparency, and the integration of environmental, social, and governance (ESG) factors.

2. Drivers of Change

Several factors have reshaped governance in the asset management industry:

  • Regulatory Evolution: Post-financial crisis regulations, such as the Dodd-Frank Act in the U.S. and MiFID II in Europe, have ramped up requirements, emphasizing transparency, client protection, and risk management.
  • Stakeholder Expectations: The modern investor is more informed and demands greater transparency and accountability. Institutional investors, in particular, have emphasized the need for robust governance structures. Many firms now rely on professional minute-taking services to help manage their significant minute-taking needs and provide the transparency and communication their stakeholders have come to expect.
  • The Rise of ESG: The global momentum towards responsible investing has made ESG factors central to governance. Asset managers are increasingly held accountable not just for financial returns but also for their broader impact on society and the environment.
  • Technological Advancements: Digital transformation has brought about tools that enable more stringent oversight, better risk assessment, and proactive fraud detection.

3. The Future Landscape of Governance

The trajectory of governance in asset management suggests a few key trends for the future:

  • Greater Integration of ESG: With increased global emphasis on sustainability, ESG considerations will become even more integrated into investment decisions and portfolio management.
  • Enhanced Stakeholder Engagement: Asset managers will likely adopt more proactive approaches to engage with stakeholders, using platforms and channels that facilitate two-way communication.
  • Tech-Driven Governance: As technology continues to advance, AI and machine learning will play a more significant role in predictive risk analysis, fraud detection, and even in guiding ethical investment decisions.
  • Global Harmonization: As asset managers operate in an increasingly globalized world, there will be a move towards harmonizing governance standards across borders to facilitate smoother cross-border transactions and collaborations.

Conclusion

Governance in the asset management industry is not a static entity; it’s dynamic, reflecting the complex interplay of global events, stakeholder expectations, and technological advancements. For industry professionals, understanding these shifts is not just about compliance; it’s about steering their organizations toward a future that’s resilient, ethical, and positioned for long-term success.

As the realm of asset management continues to grow in complexity, robust governance becomes not just a back-office function but a strategic imperative, shaping decisions and defining the very ethos of the institution.

How Professional Minute-Taking Can Help

As governance in the asset management industry evolves, there’s an amplified need for precise, reliable, and seasoned minute-taking services. As the global leader in professional minute-taking, Minutes Solutions offers unmatched support for firms navigating this dynamic landscape. Our expansive team of meticulously trained minute-takers and editors equips us to manage the high volume of meetings that asset managers and financial service firms often conduct. Given our industry-specific experience, our team excels in documenting technical subject matter with clarity and precision. As governance protocols continually shift, partnering with Minutes Solutions ensures unwavering integrity and accuracy in your records.

WEBINAR: Hybrid Board Meetings Are Here to Stay

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WEBINAR: Hybrid Board Meetings Are Here to Stay

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As associations look for ways to improve meeting efficiency and effectiveness post-pandemic, hybrid board meetings that combine in-person and virtual attendance are becoming a permanent fixture. However, while hybrid meetings offer advantages, they also come with potential challenges.

In this on-demand webinar, Matt McEwan of Minutes Solutions, Dave Bergeson of Association Management Center, Jordan Castel of Onboard, and Eileen Murray of the American Epilepsy Society share best practices for creating engaging and purposeful hybrid meetings, structuring agendas effectively, and leveraging technology for seamless execution.

Discover expert advice on engaging virtual attendees and creating an inclusive environment that fosters productivity and collaboration. Whether you’re a board member, association leader, or simply interested in the evolving landscape of board meetings, this webinar provides invaluable insights and practical tips to help you shape the future of your association’s board meetings.

To access the full webinar, simply follow the link provided.

Watch Here

Minutes Solutions Inc.

Minutes Solutions is ASAE’s endorsed minute taking service and takes the minutes for ASAE boards and committees. As a professional third-party minute taking company, Minutes Solutions provides prompt, accurate, and objective minutes for associations in every field. Since 2014, the company has provided minute taking services for over 40,000 meetings for more than 3,000 organizations across North America. Its cohort of over 100 professionally trained minute takers in the U.S. and Canada undergoes rigorous training in industry best practices that help make association meetings more effective and allow staff to focus on the meeting and what they do best.

3 Steps to More Efficient Condo and HOA Board Meetings

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3 Steps to More Efficient Condo and HOA Board Meetings

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Community association board meetings are the primary forum for directors to make formal decisions that affect the community. With so many moving parts and topics to discuss, running effective meetings that make the best use of everyone’s time can be challenging. Here are three strategies for running efficient meetings.

  1. Define the Goal

A clear meeting goal helps keep discussion on track and ensure decision-making is aligned with the association’s overall objectives. A well-defined purpose allows attendees to come prepared with meaningful information or ideas. A goal can build a sense of community and promote decisions that represent the association’s needs and priorities. 

  1. Add a Consent Agenda to the Meeting Agenda

As you build your meeting agenda around what the gathering should achieve, make one of the items the consent agenda. A consent agenda is a list of routine, uncontroversial items that the board votes on as a single proposition. This allows directors to rule on several undisputed topics quickly without discussion, freeing up more time for subjects that require in-depth conversations. Typical topics include: minutes of previous meetings; informational reports or updates; routine financial transactions that directors have already vetted, such as straightforward maintenance or repair work; and formal approval of proposals that were considered thoroughly and were informally agreed to at a previous board meeting. 

Distribute background materials for both the meeting and consent agenda in advance so that board members have time to consider the issues and arrive at the meeting ready to contribute. In particular, participants should resolve concerns or questions about consent agenda items before they meet; they should agree to remove any topics that still need clarification during the meeting and add them to the general meeting agenda for separate discussion. A small number of perfunctory queries about consent agenda items are permissible, but subjects needing more deliberation should have designated time on the broader meeting agenda.

At the meeting, the facilitator should briefly review the consent agenda items; if there are no objections, the board can then vote to approve the entire consent agenda as a single item.

  1. Have a Strong and Active Chair

A capable chair enforces any time limits on the meeting agenda and helps the group reach consensus by professionally and respectfully mediating disputes that may arise during the meeting. A good chair prevents conflicts from escalating and keeps discussion focused on important issues.

Takeaway

Well-run condo and HOA board meetings can have a significant and positive impact on the daily lives of residents. By defining a goal for each meeting, including a consent agenda with the meeting agenda, and having a strong and active chair, associations can improve the productivity and effectiveness of their board meetings and, ultimately, enhance the entire community.

Minutes Solutions Inc.

Minutes Solutions is a professional, third-party minute-taking company that specializes in prompt, accurate, and objective minutes for community associations. Since 2014, the company has provided minute taking services for over 40,000 meetings for more than 3,000 organizations across North America, including the Community Associations Institute. Its cohort of over 100 professionally trained minute takers in the U.S. and Canada undergoes rigorous training in industry best practices that help protect community associations and instill confidence in residents, allowing community managers to focus on operational responsibilities.

PANEL: Strategies for Shaping the Culture of Your Association

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PANEL: Strategies for Shaping the Culture of Your Association

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Associations have long played a vital role in various industries, providing platforms for collaboration, networking, knowledge sharing, and advocacy on behalf of their members. However, in order to remain relevant, increase member engagement, and attract a younger generation, associations must continuously assess their culture and ensure it aligns with the shared values of the organization.

In this on-demand webinar, Ashley Perkins of Minutes Solutions and Michael Hoffman of Gather Voices provide practical tips and strategies for developing a positive association culture that fosters growth and engagement. They also delve into the importance of effective communication channels and tactics that facilitate collaboration and transparency within associations.

Recognizing that a strong and inclusive culture positively impacts all areas of an association, Perkins and Hoffman stress the significance of active listening. By actively listening to their members, associations can gain valuable insights, measure their culture, gather feedback, and implement changes that lead to the creation of a culture that everyone can be proud of.

Gain expert advice on developing a thriving association culture, learn strategies for soliciting member feedback, and discover the transformative power of creating a culture where every individual feels valued and empowered. To access the full webinar, simply register by clicking this button:

Register Here

Minutes Solutions Inc.

Minutes Solutions is ASAE’s endorsed minute taking service and takes the minutes for ASAE boards and committees. As a professional third-party minute taking company, Minutes Solutions provides prompt, accurate, and objective minutes for associations in every field. Since 2014, the company has provided minute taking services for over 40,000 meetings for more than 3,000 organizations across North America. Its cohort of over 100 professionally trained minute takers in the U.S. and Canada undergoes rigorous training in industry best practices that help make association meetings more effective and allow staff to focus on the meeting and what they do best.

If You’re on Time, You’re Already Late

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If You’re on Time, You’re Already Late

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Ever rushed into a meeting in the nick of time and pretended to have your bearings, even though your mind was racing to catch up? The meeting starts, but wait, you haven’t opened your template or pulled up your agenda! Your laptop isn’t plugged in and you didn’t have a moment to learn everyone’s names. You manage to focus after about 10 minutes, but by then you’ve likely missed a piece or two of critical information. Later, when you’re editing, you’re spending twice the time you normally would combing through the recording (if you had time to set up your recording device at all!)

Who hasn’t had a boss turn the phrase, “If you’re on time you’re already late”? In the world of minute taking, where motions can signify the movement of massive dollar amounts, this certainly holds true. Being late affects you in several ways:

You look unprofessional

Being on time “gives others insight into how you view them and yourself.” — cydcor.com

In the professional world, meetings begin at the proposed start time. Period. When building a professional relationship, employers may not want to work with you again if they think there is even a possibility you will be consistently late. Tardiness can make it seem like you don’t take yourself, or your profession, seriously.

There is no excuse

In the modern world, there are many technologies that help us to be on time. Between transit tracking apps and maps, we have several different ways to move through the city. If there is a personal or family emergency, be honest and communicative. Everyone knows you’ve got a cellphone, so use it.

Lateness causes stress

Being late does not just stress out your employer, who is counting on you to deliver a professional document that begins with the start of the meeting, the call to order. A survey of 2,000 adults by natural health company A.Vogel found that 81% said “being late is the No. 1 cause of [my] stress.” We don’t like to be late, so why do we do it? It just might be that those habits seem impossible to break.

How to Break the Tardiness Cycle

Being late will continue to affect your job performance until you take steps to improve your habits. Here are some simple adjustments to get yourself on track:

  • Plan for trouble: Always add 25% to your estimated travel time.
  • Pack your bag well before you have to leave: God forbid you end up without the materials or technology you need when important information is at stake.
  • Use tech: There are several time-tracking apps you can download on your phone to log your actions and learn how long typical tasks take to complete.
  • Trick your calendar: Schedule events in your calendar for 10 minutes earlier than they actually take place so your reminder comes a little early.

 

It may feel hard to change when you’re used to relying on the fastest travel times or trying to squeeze in one more email before you head to work, but with persistence, your efforts will be noticed and appreciated by employers and colleagues alike.

 

The Importance of a Good Agenda

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The Importance of a Good Agenda

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Ever been in a meeting that was called about a certain topic, only to find that some completely irrelevant tangent ends up dominating the discussion?

A critical tool for keeping a meeting productive and on track is the often-underestimated agenda. Preparation is key to crafting a clear, defined road map that sets the framework for an efficient and functional meeting, even if the dynamic isn’t particularly harmonious.

If a board doesn’t use an agenda for its meeting, or relies on one that isn’t well thought out, it can end up having a wide-ranging, aimless discussion that achieves nothing.

The following steps show how to craft a good agenda that will mitigate redundant conversations and poor time management in meetings and ensure the group gets to the point quickly and stays focused.

1. Define the goal

Before putting down the first agenda item, answer this question: “What do we want to accomplish at this meeting?”

The person drafting the agenda should understand the priority of each topic to be discussed and develop a hierarchy of points that need to be covered to build a strong skeleton for the meeting. Reviewing the previous minutes in advance is a good practice as there may be subjects that are carried over from one meeting to the next. This gives the agenda a clear direction.

2. Everything has its time

In an ideal world, every topic can be discussed effectively during a meeting. The reality is: the longer the meeting, the greater the chance of attendees losing focus. Pick subjects for the agenda that require planning or action soon, not far down the road. For example, a discussion about snow removal next winter might not get on the agenda for a May meeting, whereas cleaning a parking garage or outdoor pool maintenance should make it on if decisions are required more imminently.

Suggesting a time limit beside each topic reminds participants they must keep their comments concise and relevant in order for the meeting to adjourn on time.

3. Drafting the agenda

When actually writing the agenda, topics should be outlined clearly and succinctly and can be listed in order of priority. Much like a concise resume, an agenda should be no more than one page. This sets the tone for the meeting — too many topics from the get-go can seem overwhelming.

Of course, there are standard items that should be on every agenda, such as:

  • Who the meeting is for (organization name)
  • Date/time/location
  • Call to order
  • Approval of agenda
  • Date/time of next meeting
  • Termination

The content between these headings is what is most important in creating an agenda that will deliver the desired outcome of a board meeting. For example, if one objective is to review the manager’s report, then “Management Report Review” should be one of the headings, with subtopics below. Subtopics act as an agenda within an agenda and add clarity and direction.

A good agenda is futile if nobody enforces it. The meeting chair should use the agenda as a roadmap and, if conversations stray off-topic, it is the chair’s duty to get everyone back on track. Long meetings can be costly and ineffective, and an agenda can act as the first checkpoint to ensure meetings stay on course.

The goal of a meeting is to reach outcomes and decide tasks or next steps. With a good agenda and someone to enforce it, the meeting has a much better chance of being efficient and successful.