Richard Coles has been elected as the new chairman of Cayman Finance. The former attorney general for the Cayman Islands officially took the helm of the association representing Cayman’s financial services industry at Cayman Finance’s annual general meeting on 13 April.
In his first public appearance as chairman at the US tax seminar organised by the Cayman Islands government and Cayman Finance on Tuesday 19 April, Mr. Coles emphasised the longstanding the partnership between the private and public sector in the Cayman Islands.
“It is certainly the intention of the Cayman Finance board to keep that partnership going. We are very keen to assist wherever possible and work with the Cayman Islands government and indeed with the Cayman Islands Monetary Authority,” Mr. Coles said.
“Of course our mandate is to promote and represent the financial services industry in the Cayman Islands and there will be times when our point of view is slightly different from that of either the government or the Monetary Authority. But I trust that we will able to robustly present the position of the Cayman finance industry to either of those bodies without any detriment to the Cayman Islands as such,” he added.
Dax Basdeo, chief officer in the Ministry of Finance, acknowledged the efforts of Cayman Finance and encouraged more collaboration and partnership between the public and private sectors going forward.
“The competitive environment in which we work makes it imperative that Cayman is unified in its approach to maintain its position in the marketplace. Cayman Finance has government support to achieve this objective”.
Previously, Mr. Coles has been a member of the Cabinet and Legislative Assembly, a government minister, appointed to that position on the recommendation of the British government, and acting governor of the Cayman Islands. Prior to moving to Cayman he had built a successful law firm in England.
He is currently an independent director for hedge funds, structured finance vehicles and investment and financial sector companies.
On 13 April Cayman Finance also elected a new board of directors which includes Peter Cockhill (Ogier), Nick Freeland (PWC), Gonzalo Jalles (HSBC), Mark Lewis (Walkers), Roy McTaggart (KPMG), Conor O’Dea (Butterfield), David Roberts (Cayman Management), Daniel Scott (Ernst & Young), Henry Smith (Maples and Calder) and Ian Wight (Deloitte).
In a statement the financial services association thanked the outgoing chairman Anthony Travers for his tireless work in raising the profile of the Cayman Islands and acknowledged the efforts of the Cayman Finance founders, the late Eric Crutchley and Eduardo D’Angelo Silva.