The Government of the Cayman Islands wholly owns the Cayman Islands Monetary Authority. In accordance with the Monetary Authority Act the Governor appoints CIMA's Board of Directors, including its Managing Director. The Governor also has power to give directions to the Authority after consultation with the Board, and may appoint an independent person to review the Authority's performance or actions.
In its relations with the Government, the Authority channels its communications through the Financial Secretary and the Minister of Financial Services.
CIMA is a statutory authority under the Public Management and Finance Act. As such, the Legislative Assembly must approve its annual expenditure budget and funding and it is subject to an annual statutory audit. The Government funds the Authority by purchasing specified services as agreed in the Authority's annual purchase agreement with the Government.
The Authority's Board of Directors is responsible for the policies and general administration of the affairs and business of the Authority. The Managing Director is responsible for the day-to-day administration of the Authority.
The Authority has set out, in its Regulatory Handbook, the policies and procedures that it follows in performing its regulatory and cooperative functions.
See The Board for further details on the Board, its responsibilities and how it carries out its work. Information on the divisions and units and their responsibilities is covered in Divisions. Organisational Chart shows diagrams of CIMA's organisational and internal reporting structure, and the list of directors and senior officers, along with their biographies is shown in Directors and Management.