The largest private sector retirement plan in the Cayman Islands has switched leadership less than six months after elections were held for plan trustees.
Ashita Shenoy, a senior manager at KPMG, resigned as chairperson of the Chamber Pension Plan and has been replaced by Eduardo D’Angelo Silva, according to a statement released by the plan Monday.
“I resigned in order to avoid any conflicts of interest that could arise from the plan’s investment in an audit client,” Ms. Shenoy said. “As a member of an audit firm, I am subject to compliance requirements that consider the legal ownership of assets. It has been an honor to serve as the Chamber Pension Plan’s chair and I wish the very best to the trustees.”
Cayman Islands financial services industry veteran Mr. Silva has been serving as a pensions trustee for the past two years. He also manages Insight Global Holdings.
In the wake of some concern over the operation of the Chamber plan, the National Pensions Office issued an order in February constraining the operations of the plan. That order was lifted in May, after the election of new trustees by pension plan members. Acting Pensions Superintendent Mario Ebanks said earlier this year that while his office would continue to monitor the Chamber fund and all private sector retirement plans, the Chamber plan could continue with business as usual.
Other elected board members of the Chamber plan include: Charles Dickinson of St. Matthew’s University, Cayman Airways executive assistant Pamela J. Watler, AL Thompson’s financial controller Paul Schreiner, Ogier partner Peter Cockhill, Loredana Branca of La Dolce Vita restaurant, and Digicel chief operations director Raul Nicholson-Coe.
The Chamber Pension Plan is sponsored by the Cayman Islands Chamber of Commerce but remains a separate legal entity. It is the largest multi-member private sector retirement plan in Cayman with more than 16,000 registered members.
The plan was placed under the direction of the National Pensions Office between February and May because it had not properly elected board trustees.