Paul Harris, president of the Cayman Islands Directors Association, announced at CIDA’s annual general meeting that the organisation has accepted more than 200 company directors based in the Cayman Islands as members.
The Association’s executive committee consisting of Paul Harris (chairman), Don Seymour (vice president), Allison Nolan (secretary), Jonathan Nicholson (treasurer), Victor Murray (assistant secretary), Richard Crawshaw, David Egglishaw, Clive Harris, Peter Huber, Cassandra Powell, Scott Lennon and Garry Wilkins was re-elected at the AGM.
Mr. Harris said the executive committee comprises a diverse cross section of those offering director services in the Cayman Islands and included those from institutional providers, small and medium sized companies as well as standalone directors.
In his review of CIDA’s activities during the year, Mr. Harris said he was pleased to explain CIDA had played an important role as the voice of independent directors in the Cayman Islands in dealings with the Cayman Islands government and Cayman Islands Monetary Authority.
Mr. Harris further highlighted the efforts made by CIDA in the training of directors through the Directors Accreditation course.
While fees for the course are subsidised by CIDA, the course is devised and run by the Canadian branch of the Institute of Chartered Secretaries to respond to rising demand for enhanced standards in the boardroom.
Those who undertook the qualification learned about the formal role of the board and its directors, financial management and reporting and the board’s role in assessing and managing risks. The course covered several months of reading and studies, followed by three days of courses and exams.
During 2011, a further 20 of CIDA’s members passed the course and earned the right to display the internationally recognised title “Acc. Dir” after their name.
Mr. Harris said CIDA is at the forefront of promoting the good corporate governance and training for directors in the Cayman Islands and added that CIDA had also held luncheons during the year to educate its members on items such as director liability insurance and the changes to the Companies Law in the Cayman Islands.
CIDA is an association with 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 industries from family companies to large financial service providers and it is the voice of the independent director in the Cayman Islands.
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