The Cayman Islands Directors Association will run an additional Directors Accreditation Course in May.
Clive Harris, executive committee member of CIDA, said that the Directors Accreditation 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.
Candidates who are successful in passing the course 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 risks.
The course consists of several weeks of reading and study, followed by an intensive three-day seminar in Grand Cayman run by industry experts from Canada, followed by the Chartered Secretaries’ Accreditation examination.
Victor Murray, assistant secretary of CIDA, said that the Directors Accreditation course was oversubscribed for the current year and has proved extremely popular in prior years with more than 60 local directors passing the course.
As a result, CIDA has arranged with the Institute of Chartered Secretaries to run a second course concurrently. CIDA said 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.
David Egglishaw, executive committee member of CIDA, said that since its inception in 2008, CIDA has been at the forefront of promoting good corporate governance and training for directors. Making this high quality designation obtainable locally underscores CIDA’s commitment to the continuing education of directors in the Cayman Islands, he said.
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 Cayman Islands Monetary Authority 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. CIDA is the voice of the independent director in the Cayman Islands.
The number of available places for the Directors Accreditation course in 2013 are limited and CIDA members will have first option on these. There are still places available, however, with more than 33 people already enrolled the course is quickly filling up.