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26 Aug 2016

Following an extensive survey conducted in 2013 the Cayman Islands Monetary Authority (CIMA) issued its Statement of Guidance on Corporate Governance (SOG) with effect from 13 January 2014.

The SOG sets out CIMA’s minimum expectations in relation to corporate governance standards and provides useful guidance for Cayman fund governing bodies and operators such as directors, general partners and trustees to achieve sound and prudent governance.

Click on the link for the full SOG, however, we thought it would be useful to provide you with this summary to highlight the key points:

Governance structure must be appropriate to the size, nature and complexity of the fund

Governing body should monitor and be satisfied with the fund’s compliance with applicable laws, regulations and guidance

Governing body should monitor and be satisfied with their fund service providers’  compliance with applicable laws, regulations and guidance

 Governing body should require regular reporting from the fund’s services providers

Conflicts of interest must be identified, disclosed, documented, monitored and managed

Governing body should meet at least twice a year (conference calls/meetings are an acceptable method) and where necessary, service providers should attend

Operators must exercise independent judgment, due skill, care and diligence, act honestly and in good faith

 Operators must ensure they have capacity (time) and sufficient knowledge and experience to perform their functions in a responsible and effective manner

Operators must ensure that at onset and on a continuing basis, all constitutional and offering documents comply with Cayman Islands law and applicable CIMA requirements

 Operators must approve the appointment or removal of service providers and inform investors and CIMA of same

Operators must regularly review, monitor and assess performance of all service provider contracts and services, the fund’s investment activities and its financial position

Operators must ensure that a full accurate and clear written record is kept of the governing body meetings

Operators must conduct the fund’s affairs with CIMA honestly and transparently

Operators must provide suitable and effective oversight of risk management

Clearly there are many items in the SOG which require individual operators and fund governing bodies to consider and assess their own ability to provide effective corporate governance in the context of these minimum standards.

Centaur’s corporate secretarial services are designed to ensure that our clients receive support and assistance to comply with industry corporate governance standards.

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