The Cayman Islands Directors Association hosted an awards ceremony at Karoo, Camana Bay, for 45 Cayman Islands directors who successfully completed the Directors Accreditation Course held in May.
Victor Murray, assistant secretary of CIDA, said the accreditation course has proved extremely popular in prior years and was so oversubscribed this current year that CIDA arranged for a second course to run concurrently. The popularity of the course reflects the growth in the independent directors industry in the Cayman Islands as more investment funds strive for properly qualified independent directors, CIDA said.
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. More than 100 local candidates have now passed 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 risks. David Egglishaw, executive committee member of CIDA, said the association is at the forefront of promoting the good corporate governance and training for directors in the Cayman Islands, and making this designation obtainable locally underscores its commitment to the continued education of directors in the Cayman Islands and the furthering of good corporate governance.
CIDA intends to run the accreditation course again next year, though the number of available places for the will be strictly limited, with CIDA members having first option.
Paul Harris, president of CIDA, presented the Accreditation Certificates to the successful candidates and said that he was extremely proud of their efforts in achieving an industry standard designation.
CIDA has more than 200 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, and it is the voice of the independent director in the Cayman Islands.