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Cayman Funds 2016

CAYMAN ISLANDS DIRECTORS ASSOCIATION Shutterstock / Ollyy “We will seek our members’ views on capacity measures and ensure that anything that is being proposed is fi t for purpose and not in any way detrimental to Cayman, our governance offering and our members.” Cassandra Powell is a director at Harbour and the president of CIDA. She can be contacted at: cpowell@harbour.ky CAYMAN FUNDS | 2016 65 representatives from different segments of the fi nancial services industry. “They recognise that what we bring to the table is important and worth listening to,” Powell says. “We have a diverse membership and that allows us to draw on their experience. As a result, our standing in the industry has gone up and we are now recognised as a voice for corporate governance and fi duciary issues on Cayman. “Many other professions have their own representative bodies so now we can represent this very particular skill of corporate governance. We have successfully demonstrated that we are also willing to work with other industry bodies while representing the interests of our members.” She emphasises that CIDA does not want to be represented by any other organisation. “We have found our voice and with it the right to speak on our own behalf on matters specifi cally relevant to our sector that only we can and should speak to,” she says. A good example of this can be seen in the way CIDA was consulted in the drafting of the Limited Liability Companies Bill, 2015, which was passed last year. Powell says CIDA, via Cayman Finance, was able to view the bill and submit comments before its fi nal version was passed by government. “From a fi duciary standpoint, we were able to comment on what it would mean for our members and what we do,” she says. The same applied for the Directors Registration and Licencing Law (DRLL), passed in 2014, which was very relevant to the interests of CIDA’s members. “We were involved in DRLL from its early stages,” Powell says. “We looked at how it might impact the industry as we wanted to ensure that all our members were able to air their views on how it might affect them day to day.” She believes the same form of consultation will take place going forward. Several big issues with the potential to change their profession loom for CIDA’s members. One is the proposed cap on the number of directorships an individual can hold. While CIMA has stated it is unlikely the cap would be in the form of a simple number it is still examining this issue and could act this year. “The government and CIMA have indicated that any measures would require consultation and we know that CIDA would be part of that,” Powell says. “We will seek our members’ views on capacity measures and ensure that anything that is being proposed is fi t for purpose and not in any way detrimental to Cayman, our governance framework and our members.” Powell says the momentum of CIDA is still building. She anticipates a further growth in membership in 2016 and states it will be an even better year in terms of events for the body.


Cayman Funds 2016
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