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Cayman Funds 2016

Shutterstock / VirtualMaker 44 CAYMAN FUNDS | 2016 THE PUSH FOR SUBSTANCE IN CAYMAN A number of potential changes for fund directors in the Cayman Islands are being driven, among other things, by a global shift towards transparency. One consequence of this could be an increased use of independent directors physically based in Cayman, as David Roberts from Cayman Management tells Cayman Funds. The role of independent directors is set to come under increased scrutiny from investors and regulators and one possible consequence for Cayman-registered funds could be that each should be seen to have at least one director physically based in the Cayman Islands. That is the view of David Roberts, managing director of Cayman Management, a company that offers a range of company management and personal services, including corporate governance at a multinational level through to the registration and management of private companies within the Cayman Islands and other jurisdictions. In the 40 years since the business was established, it has incorporated thousands of companies ranging from personal investment holding companies for high net worth individuals to strategic offshore subsidiaries for international organisations. Roberts says that Cayman Management has become increasingly involved in the funds side of the business in the past 10 years but that in recent years the scrutiny on all aspects of corporate governance and fi duciary services has become much greater. “A large part of our offering is now around the requirements of funds and fund-related services,” Roberts says. “We always prefer to work in a ‘hands on’ way with clients and their professional advisers, both in Cayman and internationally, always aiming to add value. “There is increasing recognition of the ultimate accountability for independent directors and, with ever-increasing expectations of transparency and the need for enhanced corporate governance, we could well see in the future a need to demonstrate increased presence in the Cayman Islands. “This could take the form of expectations that meetings and other corporate formalities must be driven from Cayman, possibly with a Cayman-based independent director or other senior appointee taking the lead as the responsible person for governance, anti-money laundering and regulatory compliance.” Pressure for transparency It will be for the Cayman Islands government, working in hand with


Cayman Funds 2016
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