The Cayman Islands Directors Association admitted 28 new members this year, raising the total membership to 215.
During its annual general meeting, the association’s President Paul Harris said the organisation represents a growing industry and is accepted locally and internationally as the voice of the Cayman Islands’ professional director.
CIDA’s executive committee consisting of Paul Harris (chairman), Don Seymour (vice president), Allison Nolan (secretary), Jonathan Nicholson (treasurer), Victor Murray (assistant secretary), as well as David Egglishaw, Clive Harris, Peter Huber, Cassandra Powell, Scott Lennon and Garry Wilkins was re-elected together with a new member, Michelle Wilson-Clarke.
Mr. Harris noted that the executive committee comprises a diverse cross section of those acting as a director in the Cayman Islands and included those from institutional providers, small- and medium-sized companies as well as standalone directors.
In his review of the group’s activities during the year, Mr. Harris stated that CIDA is at the forefront of promoting the good corporate governance and training for directors in the Cayman Islands.
He noted that in March, the functions committee headed up by Cassandra Powell and in conjunction with local law firm Higgs and Johnson organised a seminar held at Casanovas to discuss the Foreign Account Tax Compliance Act known as FATCA, with presentations by representatives from the New York law firm of Baker Hostetler. Further, in November, the functions committee again liaised with another local firm to put on a joint venture with Ernst and Young to make a presentation at the National Gallery on the Continuing Tax Liability and other considerations when winding up a fund.
Mr. Harris also highlighted the efforts made by Victor Murray, David Egglishaw and Clive Harris in arranging the popular 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.
During 2012, 23 of CIDA’s members passed the course and are entitled to display the internationally recognised “Acc. Dir” after their name. 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 an intensive three days of courses and exams. Mr. Harris added that CIDA and the Institute of Chartered Secretaries have agreed to hold the course again in May.
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.