Asset owners are increasingly considering how they can more fully align the interests of their fund managers with their own obligations to beneficiaries and participants. The ICGN offers this document and its proposed clauses to assist such asset owners in considering the expectations which they can have of their fund managers and in how they can formulate their contracts, or mandates, with those managers such that they deliver on client expectations. Given the importance of fund manager relationships to successful long-term asset owner performance, these are issues in which many asset owner boards will take a close interest and they may wish to have specific discussions about the contractual terms that they will require of fund managers and of the outcomes of negotiations regarding these clauses.