Time commitment: c. 20 days per year

Remuneration: Market Competitive

Deadline: Tuesday 13th February 2024

Legal & General Investment Management (“LGIM”), is Legal & General Group’s investment management division, and their purpose is to create a better future through responsible investing. It strives to achieve this through a strong sense of partnership with its clients, working together to achieve positive long-term outcomes.

As one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.16tn* ($1.47tn, €1.35tn, CHF 1.31tn), it works with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

For more than 50 years, LGIM has built its business through understanding what matters most to its clients and transforming this insight into valuable, accessible investment products and solutions. It provides investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

LGIM Managers (Europe) Limited (“LGIME”) is a subsidiary in the Legal & General Investment Management (“LGIM”) group and is authorised and regulated by the Central Bank of Ireland (CBI) as an Alternative Investment Fund Manager and a UCITS management company. Established in 2018, LGIM Europe oversees approximately €201bn AUM across eight fund umbrellas, 237 sub-funds, and 18 EU domiciled segregated clients. With regulated branches in Italy, Germany, the Netherlands, and Sweden, it conducts cross-border distribution in multiple EU member states. While LGIM Europe's funds predominantly attracting institutional investors from Europe and the UK, there are also investors in the funds from Asia and South America.

LGIM Europe delegates investment management and non-EEA distribution activities to its affiliated UK investment manager, Legal & General Investment Management Limited. Its managed strategies span a diverse portfolio, encompassing active strategies, index, ETF, ESG funds, Multi-Asset, Solutions LDI, Money Market Funds, and private infrastructure equity assets. In Dublin, LGIM Europe's workforce of about 40 staff operates across teams dedicated to governance, regulatory compliance, investment, risk oversight, and the supervision of delegates.

* LGIM internal data as at HY 2023. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.

LGIM Europe is seeking a new Chair and OE Director to replace the current Chair, who will be retiring from this Board in 2024.

Accountabilities, Chair

• The Chair is pivotal in creating the conditions for overall Board and individual Director effectiveness, both inside and outside the boardroom. It is expected that the Chair will uphold the highest standards of integrity and probity and will set the style and tone of Board discussions. The Chair will promote effective relationships and open communication between Board members and the LGIM and LGIME executive as appropriate
• The Chair is expected to foster an open, inclusive discussion which challenges executives, where appropriate, and build effective relationships based on mutual respect and open communication between the Board members both inside and outside formal meetings
• The Chair is expected to lead the Board and, in consultation with the Company Secretary, set its agenda. The Chair should manage the agenda to ensure that sufficient time is allowed for discussion of matters within the Board’s remit, especially where these matters may be complex or contentious. It is particularly important that the Board members have sufficient time to consider critical issues and are not faced with unnecessarily unrealistic deadlines for decision-making
• The Chair is expected to ensure, through the Company Secretary, that the members of the Board receive accurate, timely and clear information, in particular about the Company's performance and strategic progress, to enable the Board to take sound decisions, monitor effectively and provide advice to promote the long-term success of the Company
• The Chair, in consultation with the Board and wider business, should ensure that all regulatory responsibilities are understood and met
• The Chair, supported by the Company Secretary, is expected to lead the Board’s annual evaluation of the performance of the Board, including the Chair and individual Directors, and act on the results of the evaluation by recognising the strengths and addressing any weaknesses of the Board

As an Independent Director, the Chair is expected to:

• Exercise independent judgment and avoid any conflicts of interest
• Provide strategic advice to the Board, broadly from their own commercial backgrounds and specifically a UCITS ManCo and AIFM perspective
• Have sound financial acumen, with a deep understanding of asset management and investment strategies, to enable the Chair to scrutinise the performance of the business in meeting agreed goals and objectives and monitor performance reporting
• Be proficient in financial analysis and decision-making, seeking to ensure financial information is materially accurate, and internal controls and systems of risk management are robust and defensible
• Promote and uphold LGIM’s high standards of corporate governance and ethical practices
• Provide a sound and informed contribution to, and enhance the quality of, the Board debate, being willing to challenge and contribute to robust decision-making processes
• Fully and effectively discharge responsibilities of a Director in accordance with all applicable regulatory and legal requirements

In addition, as Organisational Effectiveness (“OE”) Director, candidates should:

• Meet the CBI’s Fitness & Probity Standards
• Have suitable senior level experience in the asset management space
• Have a sufficiently detailed understanding of CP86 and, in particular, the role and responsibilities of the OE Director pursuant to CP86
• Be experienced in overseeing and challenging service providers, including administration, depository, investment manager
• Be able to identify opportunities and potential risks facing the company, including those arising from resourcing and organisational issues
• Be able to proactively identify areas for improvement and bring proposals to improve effectiveness to the Board
• Have a strong understanding of governance and complex operational structures and the ability to identify and effectively manage conflicts of interests

The successful candidate will be a proven Chair with deep knowledge of fund management and the role and responsibilities of a UCITS manager and AIFM.

Candidates should demonstrate board-level experience within the Irish fund management sector and a complete understanding of EU fund management intricacies, encompassing product knowledge, customer insights, market competition, and prevailing sector trends. They will bring a strong comprehension of relevant regulatory frameworks, including CP86, UCITS, AIFMD, and MiFID II, with a demonstrated ability to ensure robust compliance.

Given the international scope of this Board, this individual will bring a track record of successfully delivering pan-European operations and more broadly demonstrate a global perspective, understanding socio-economic and geo-strategic trends impacting LGIM's operations.

Candidates should have the breadth of experience appropriate to LGIM’s scale and prominence as one of Europe’s largest asset managers and a major global investor, with the stature and reputation to quickly gain the respect and trust of Board colleagues and management. 

Candidates will reside in Ireland.

The below experiences / expertise have been highlighted as being potentially additive to the existing Board skillset. Candidates may highlight any relevant direct experience of any of the below within their applications.

• Investment Oversight
• LDI Strategies / Pension Scheme / Life Assurance
• Money Market Funds
• Exchange Traded Funds
• Index-tracking and actively-managed strategies
• Environmental, social and governance (ESG) issues and obligations applicable to Irish Management Companies
• Operational obligations including branch and delegate oversight
• Risk management
• Real Assets / Private Funds / Alternatives

The LGIME Board will normally meet four times per year on a quarterly basis. However, the expected time commitment required for this role may increase as required to include (but not be limited to):

• Potential ad hoc meetings of the Board
• Meetings with management
• Potential meetings with clients, regulators, legal advisers, external auditors and attendance at industry forums

All Directors should have sufficient time to meet their board responsibilities. The total anticipated time commitment is approximately 20 to 30 days per year. The Chair may be expected to commit more time in line with the additional responsibilities associated with this position. This role is compensated and pre-agreed, reasonable travel expenses will be reimbursed. 

The location of Board meetings will typically be the Company’s registered office in Dublin. There may be occasions when there is a requirement to visit other locations.