Simon Harris (Wicklow, Fine Gael) | Oireachtas source

Amendment No. 8 inserts a new provision in the ICAV Bill that stems from the introduction of section 78, being the provision governing fiduciary duties owned by a director. The section mirrors section 232 of the Companies Act 2014. The amendment obliges the director who acts in breach of his or her fiduciary duties to account to the ICAV for any gain he or she has made arising from the breach of duty or indemnify the ICAV for any loss arising from the breach.

Amendment No. 9 inserts a new provision that follows on from amendment No. 8 and mirrors section 233 of the Companies Act 2014. The amendment provides that an officer of an ICAV may have a defence to a claim of negligence or breach of duty on his or her part where he or she has acted honestly and reasonably.

See this speech in context