Board Substance Requirements


In this section, the details are discussed pertaining to the presence of actual activity by the board of directors as well as the effective role that the board members play within the broader context of the Operation.

The Non-Executive Director

The IP-Operator is obliged to operate as a resident of which at least half of its statutory board members are required to be residents as well. A resident board member is required to have the necessary professional knowledge to properly perform its duties as Non-Executive Director (the: "Non-Executive"), whose duties shall include accounting, taxation, any local requirements and review of third party (B2B) Agreements. The Non-Executive is also required to file quarterly reporting on Money Laundering, Data Protection and Responsible Gaming. We would recommend that a professional corporate service provider shall be retained to serve as Non-Executive at all times.

The Executive Director

A representative from within the circle of the client should be committed to the board of the IP-Operator in the capacity of Executive Director (the: "Executive") This person shall be responsible for preparing the factual quarterly reporting for the purposes of review and approval by the Non-Executive.

Equal Responsibility for board members

In the event that no Non-Executive or Executive has been installed at this time, we would recommend IP-Operators to organize this at the earliest convenience. Please note that all members of the board of directors shall have to be equally responsible. Nevertheless we recommend to limit the mandate of the Executive to a minimum (four eyes only, the Non-Executive has to co-sign at all times), these restrictions need to be publicly accessible.

We recommend for this purpose tailored articles of incorporation.