Cayman directors learn about changes to the Companies Law

The Cayman Islands Directors Association hosted a lunch on 13 July at The Whard to highlight recent changes in the Companies Law to CIDA members.

The changes, which go into effect on 27 April, are considered to be the first wave of an ongoing modernisation of the Cayman Islands Companies Law.

Paul Scrivener who is a partner and head of the Corporate Group at Solomon Harris outlined the principal changes brought about by the new law with particular emphasis on changes that have specific relevance to directors. He said amendments have been made across a broad range of areas including the execution of documents, segregated portfolio companies, the redemption and repurchase of shares and mergers and consolidations.

Cassandra Powell, the executive CIDA committee member who organised the event, said that one of the main aims of CIDA is to provide education and guidance in the field of 
corporate governance and welcomed the opportunity to hear from one of Cayman’s leading lawyers on the subject of changes in the companies law in the Cayman Islands.

CIDA is an association with 165 members in the Cayman Islands who are directors of one or more Cayman Islands registered companies. Although the majority of members focus on providing corporate governance to hedge funds, CIDA is comprised of all sectors of the fiduciary services industry, from family companies to large financial service providers. CIDA is the voice of the independent director in the Cayman Islands.