Achieving Successful Corporate Governance

The Cayman Islands Monetary Authority (CIMA) issued its 'Statement of Guidance for Regulated Mutual Funds - Corporate Governance' in December 2013 (the CIMA Statement). The CIMA Statement was the culmination of an extensive analysis of the existing practices and procedures affecting governance within regulated mutual fund structures. It also resulted from responses to a private sector survey commissioned by CIMA to gauge market opinion as to the desirability for change and improvement of the core legal and regulatory requirements ap­plicable to directors of regulated funds established in the Cayman Islands.

On 29 April, 2015, the Alterna­tive Investment Management As­sociation (AIMA) published the third edition of its Fund Director's Guide; the previous edition was released in 2008. It represents a timely update of the treatment of the practices and procedures, role and responsibilities of directors of funds who, since the financial crisis, have been operating under