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Cayman Funds 2016

Is there enough talent and diversity in the industry? Short: At EY, we recognise the importance of diverse teams who bring different opinions. Therefore, it made sense for us to partner with the Board Apprentice programme which is designed specifically to train a more diverse group of individuals to gain the skills they need to sit on company boards. It stems from the idea of the need for more diversity on boards and the need to have people able to look at things from different angles. It is partly about achieving gender parity but it goes well beyond that. In Cayman we have so many individuals from a diverse range of backgrounds who could make great candidates for the Board Apprentice programme as they work with a number of organisations’ boards. It is a 12-month programme that will give them invaluable experience in this field, strengthen boards, and provide great opportunity for Cayman. EY was proud to officially announce the launch of the Cayman chapter at our EY Hedge Fund Symposium this past December. Ruddick: I think it is great that this focuses on governance as it should be recognised more. Governance is a skillset in its own right and people seldom recognise this point. Programmes like this will help bring the next generation of fiduciaries through. Panton: I agree it is a great scheme and reflects how gaining different perspectives is so useful. 20 CAYMAN FUNDS | 2016 “We need to ensure that people always have a great experience when they operate here.” Alan Milgate Lock: Diversity in the boardroom is not only desirable, it makes great sense to bring different visions and approaches. Without actively promoting diversity there’s a natural tendency for people only to promote and choose people like them, perhaps even subconsciously— not always a good thing! Ruddick: Is there enough talent? There has been a massive influx of people into the industry in recent years. Many are very good people with solid skillsets and they will make the transition to be a fiduciary, but there are some who will not. A related question is: how many have served on boards through a crisis? There is an expanding talent pool but are they ready for it? What are your final thoughts? Scott: This was a real pleasure. If we continue to focus on the needs of our clients, we will remain a world-class jurisdiction for funds. Smith: These discussions are invaluable. They highlight the issues we face and CIMA’s role in resolving these issues. An effective regulatory framework is essential in ensuring that the industry remains robust. Gorter: We are operating in a very competitive environment in an age where data is king. We need to be technology-driven and responsive and need to properly manage the challenges this presents. Those who are able to successfully manage large amounts of data will swim, those who aren’t will sink. Golding: The fact that there is such positive collaboration between government, the regulator, service providers and investors is evidence of the strength of our industry. Nicol: This illustrates the level of communication and collaboration “It is unfair to criticise a jurisdiction because the country requesting information cannot rely on another country to provide it.” Gary Linford


Cayman Funds 2016
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