Jude Scott will be leaving his position as chief executive officer of Cayman Finance at the end of this year.
When he took on the role in 2014, Scott committed to staying for two to three years with the association that represents Cayman’s financial services industry.
“With the support of the Board, the financial services industry, the government and the regulator, during my tenure Cayman Finance has proudly protected, promoted, developed and helped grow the financial services industry for the benefit of the Cayman Islands and its people,” Scott told the Cayman Compass via email.
“After almost seven years in the role, I felt the time was right for me to step down as CEO at the end of this year.”
During Scott’s tenure, Cayman’s financial services industry – and offshore centres in general – faced many challenges, including the Panama Papers revelations, tax and anti-money laundering blacklistings, and regulatory initiatives ranging from the OECD Base Erosion and Profit Shifting (BEPS) project to the UK’s imposition of public beneficial ownership registries in the Overseas Territories and global corporate tax reform.
During this time, Scott made frequent media appearances to promote the jurisdiction and outline Cayman’s regulatory framework as well as the value Cayman’s financial services industry provides to the global economy.
Cayman Finance events in the UK and the US in recent years meanwhile attempted to tackle negative perceptions of Cayman.
Locally, Scott targeted the misperception of the industry by outlining its importance for the economy, and in terms of jobs for Caymanians and government revenue.
Although the industry employs 4,000 Caymanians, Cayman Finance has highlighted that government spends about twice as much on tourism than it does on financial services.
Government has since expanded the financial support of Cayman Finance but not to the level of funding seen in other jurisdictions, like Jersey or Bermuda.
Locally, the organisation continues to give input through its various working groups on proposed legislation.
Appointed chairman of Cayman Airways
In what Scott described as a coincidental and unconnected development, he has been appointed the new chairperson of Cayman Airways.
Cabinet approved his nomination on 17 Aug.
Scott said Cayman Airways is a proud symbol of the Cayman Islands and serves the country as a strategic lever for economic growth and a valuable lifeline in times of need and global crisis.
“I am honoured to have been asked by the government to serve as the chairman of Cayman Airways for a second time,” he said.
Scott was previously named chairman of the airline in 2009.
The other appointed Cayman Airways board members are John Paul Clarke as deputy chairperson and directors Stefanie Ebanks, Shanna Myles, Robert Hurlstone, Marco Archer, Kris Bergstrom and Tyrone Welds.