The Central Bank of Ireland (Central Bank) recently announced recommendations regarding individuals holding numerous directorships and the satisfaction of their oversight duties.  This announcement follows a “thematic review” of the number of directorships held by individuals on the boards of Irish investment funds and fund management companies and assessment of the time allocated by such individuals to their service as directors.  This article explores the Central Bank’s recent letter to industry on the subject and its related Guidance on Directors’ Time Commitments.  For additional information on governance in the private fund space in general, and the roles of directors in particular, see “Walkers Fundamentals Hedge Fund Seminar Addresses Fund Structuring Trends, Governance Best Practices, Fee and Liquidity Terms, Irish Vehicles, Marketing in Asia and FATCA,” Hedge Fund Law Report, Vol. 8, No. 6 (Feb. 12, 2015); and “Cayman Islands Government Introduces Bill That Would Require Registration and Licensing of Certain Hedge Fund Directors,” Hedge Fund Law Report, Vol. 7, No. 12 (Mar. 28, 2014).