The Cayman Islands Directors Association held an awards ceremony at Karoo at Camana Bay to celebrate the 23 Cayman Islands’ directors who successfully completed the Directors Accreditation Course held in May.
Victor Murray, assistant secretary of CIDA, said the directors accreditation course has proved extremely popular in prior years and was oversubscribed this year. The popularity of the course is not a surprise as it reflects the growth of the independent director industry in the Cayman Islands as more investment funds move to have properly qualified independent directors on fund boards.
The course is devised and run by the Canadian branch of the Institute of Chartered Secretaries in response to rising demand for enhanced governance standards in the boardroom. More than 60 local candidates have now been successful in passing the course and are entitled to display the internationally recognised “Acc. Dir” after their name.
Candidates who undertake the qualification learn about the formal role of the board and its directors, financial management and reporting and the board’s role in assessing and managing risk. The course consists of several months of reading and self-study followed by attendance at an intensive three-day seminar in the Cayman Islands, run by industry experts from Canada, followed by the sitting of the Directors Accreditation exam invigilated by the Institute of Chartered Secretaries in Canada.
David Egglishaw, executive committee member of CIDA, said that since its inception in 2008, CIDA has been at the forefront of promoting the good corporate governance and training for directors in the Cayman Islands. Making this high quality designation obtainable locally underscores CIDA’s commitment to the continuing education of directors in the Cayman Islands.
CIDA intends to run the Directors Accreditation Course again in 2013; however, the number of available spaces for the course will be limited, with CIDA members being given first option. Mr. Murray added that the high interest in this course underscores what all informed professionals already know about the Cayman Islands, that locally resident directors are and always have been serious about their fiduciary duties.
Paul Harris, president of CIDA, presented the Accreditation Certificates to the successful candidates and he said that he was proud of their efforts in achieving an industry standard designation. Mr. Harris noted that one of CIDA’s main aims is the education of Cayman based directors and that CIDA achieves these aims through various events throughout the year and the Accredited Director designation is the backbone of CIDA’s efforts.
CIDA is an association with more than 200 members in the Cayman Islands. In order to be a member, an individual will be a director of one or more Cayman Islands registered companies and will normally be an employee of a CIMA regulated entity. Although the majority of members focus on providing their services to hedge funds, CIDA is comprised of all sectors of the fiduciary services industries ranging from family-owned companies to large financial service providers.