Evolving board support regulations for fund managers in Asia

Fund managers in Asia are faced with changing governance and board support requirements, with regulators now placing greater emphasis on board accountability, risk management and investor engagement.

Governance and board support services are essential for helping managers efficiently navigate evolving administrative and compliance obligations, so that their time and resources are freed up to focus on investment activities.

In this article, Samantha Fu and Connie Chan explore recent regulatory developments in Japan, Singapore and Hong Kong and consider their impact on board support functions.

Japan: rising expectations for board-investor dialogue

Investor activism in Japan is increasing, with 108 campaigns advanced by shareholder activists in 2024 (Diligent Market Intelligence). This has put boards under increased pressure to facilitate direct investor dialogue, enhance reporting and improve transparency.

Fund managers are expected to help boards engage proactively with shareholders and meet demands for clearer governance disclosures and accountability in financial performance.

Singapore: strengthening board accountability and governance oversight

Singapore's revised liquidity risk management guidelines and new data reporting requirements have heightened scrutiny of risk and compliance at board level. The Monetary Authority of Singapore (MAS) also continues to review governance requirements for Variable Capital Companies (VCCs) and corporate governance codes, with a focus on board effectiveness and technology risks.

For fund managers, this means  reinforcing governance frameworks and providing boards with support, including detailed reporting and risk dashboards, to remain compliant with increasingly stringent regulatory expectations.

Hong Kong: cybersecurity and senior management accountability at board level

With the Protection of Critical Infrastructures (Computer Systems) Bill effective from January 2026, boards and senior management in Hong Kong face new obligations to establish cybersecurity frameworks and oversee IT risk.

These require boards to review IT risk frameworks, set governance standards and monitor compliance. Board support teams play a key role in facilitating this by delivering timely materials to assess cyber risks and supporting continuous oversight and regulatory compliance.

Impact on fund managers and board support providers

Across the region, fund managers must adapt their governance frameworks to reflect new regulatory demands, updating policies and establishing clear accountability for boards and senior management.

Accurate, timely technology-enabled reporting and documentation are now fundamental for risk oversight and regulatory compliance. Board support specialists, including secretarial, governance and compliance advisers, continue to be critical partners in helping boards maintain strong oversight as market expectations rise.

How can Ogier Global help?

Proactive board support helps fund managers meet regulatory requirements and respond to new governance challenges. Strong governance frameworks and effective board engagement help firms remain compliant and competitive in the evolving regulatory landscape.

Ogier Global provides governance, board support and compliance services to help fund managers navigate these changes. For tailored guidance and support, contact our experienced team.

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Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

Regulatory information can be found under Legal Notice