As the financial and social impact of COVID-19 is felt
across the globe, decision makers are facing and will continue to
face serious challenges. In light of the rapidly evolving business
environment, driven by factors largely outside of their control, it
is more important than ever that directors make rational and
well-reasoned decisions.
In this article, we consider some of the issues Cayman
directors are likely to be faced with and how they might discharge
their duties and obligations in these exceptionally difficult
times.
Who is a director?
Due to the nature of the Cayman financial services industry,
many directors of Cayman companies are independent non-executive
directors. A non-executive director is neither an employee nor part
of the executive management team. Non-executive directors often
perform a high-level supervisory role, monitoring the activities of
the executive team and participating in the development of
corporate strategy. From a Cayman law
