The Cayman Islands Monetary Authority (CIMA) has held a private sector consultation exercise to gather industry feedback on its proposed minimum standards for corporate governance.
The regulator has said it wants to raise standards of corporate governance across the financial sector and bring Cayman into line with international best practice.
It has issued a draft “Statement of Guidance”, which would apply to all of CIMA’s regulated entities.
CIMA said that the guidance “refrains from being too prescriptive on corporate governance culture, while capturing the fundamentals of the relationship between the licensee and its stakeholders”.
CIMA has sent its proposals to industry associations for feedback, including the Bankers Association, the Cayman Islands Directors Association, the Law Society, the Company Managers Association and the Compliance Association.
CIMA, Cayman Islands Monetary Authority, Cayman, Corporate Governance