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
“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
“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.