The UK-based Alternative Investment Management Association has published an updated edition of its Offshore Alternative Fund Directors’ Guide. The guide – originally published in 2005 - provides advice on the selection and formal appointment of directors of offshore funds for both fund managers and individuals considering serving as directors themselves. The revised edition includes recommendations on areas such as the independence of non-executive directors and conflicts of interest, as well as auditors’ communications and representations to the board. It sets out the fundamental legal and tax implications that should be taken into consideration when directors to a fund are appointed. Also covered are the basic tasks fund directors should carry out, as well as guidelines on such important issues as liability insurance and taxation. Andrew Baker, deputy chief executive of AIMA, said: “It is essential that we continue to acknowledge the desire of policymakers, regulators and investors to focus on the improvement of practices within the hedge fund industry. As more emphasis is placed on who is actually sitting on the boards of funds and how they perform their duties, it is important that both managers and Directors keep up to date with the current standards of practice expected by both regulators and hedge fund investors.”