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Cayman Funds 2016

CIDA FINDS ITS VOICE Almost one year ago, Cassandra Powell, a director at Harbour, took the reins of the Cayman Islands Directors Association as president. Here, she tells Cayman Funds about the organisation’s activities and ambitions. Founded in 2008, the Cayman Islands Directors Association (CIDA) acts as the representative body for Cayman Islandsbased professional directors. Until April last year, Paul Harris, the chairman of IMS, had been its president. When he stepped down for personal reasons, Cassandra Powell, a director at Harbour, took over and was re-elected in December 2015. A former Miss Cayman, Powell has an impressive and varied track record that has included a stint in government, with the then Portfolio of Finance and Economic Development, and now in the private sector. She has brought a drive and energy to the organisation in the past 12 months. It has organised more events, boosted its membership and insisted its voice is heard on important matters of regulation or government policy that may affect its members. Powell says the organisation’s goal is to be the aggregating body for directors and the fi duciary industry in Cayman. Now that CIDA has over 270 members, she says, she has been comfortable ensuring the voice of the body is heard at the highest levels of government, with the regulator, the Cayman Islands Monetary Authority (CIMA), and within the industry. “It is interesting for me to drive this forward, as a former civil servant who has built my career in this industry and now fi rmly rooted in the private sector,” she says. “I can see the issues from several different perspectives and ultimately, working with my fellow CIDA executive members, fi nd a way of doing what is best for our members.” Education A big focus for CIDA in the past year has been to organise more educational events for its members and potential new members. It has brought in experts from overseas as well as tapped the talent pool in Cayman. “We have secured very relevant people and topics and the industry has seen the benefi t,” Powell says. 64 CAYMAN FUNDS | 2016 The body has held sessions on specialist but very topical subjects such as cybersecurity and the Foreign Account Tax Compliance Act (FATCA) and continues to take the educational aspect of what it does a step further. By teaming up with Chartered Secretaries Canada, a division of the Institute of Chartered Secretaries and Administrators (ICSA)—the international professional body for chartered secretaries— CIDA continues to offer an accreditation course for directors in Cayman that professionals would normally have to travel to Canada to complete. “The course is focused on corporate governance. We managed to secure it at a discount plus without members having to travel to Canada,” Powell says. “It is a three-day course that has been oversubscribed each year, such is the demand.” Finding its voice As of November 2015, CIDA is now an honorary member of Cayman Finance and sits on a number of working groups, which include CIDA facts The Cayman Islands Directors Association is an association of individuals who are resident in the Cayman Islands and who hold offi ce as directors of one or more Cayman Islandsregistered companies. Each member is an employee of a Cayman Islands fi nancial services company licensed and regulated by the Cayman Islands Monetary Authority or is an individual whose membership has been sponsored by at least two such members. To fi nd out more visit http://cida.ky/


Cayman Funds 2016
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