Responsibility of the Board

The Board of Directors is made up of high caliber professionals who are responsible for the general performance of CIMA. They provide CIMA with governance, oversight, and advice.

Appointment

The directors are appointed by the Governor in Cabinet of the Cayman Islands. However, in the case of the Managing Director, who is an ex officio director, this appointment is only made after consultation with the Board. The Chair and Deputy Chair of the Board are designated by the Governor after consultation with the directors appointed.

Committees

The board may delegate any of its duties and powers to a committee of the board, or to any other committee except a duty or power expressly imposed or conferred on it by the law. It has appointed the following committees.

Executive Committee

The Executive Committee comprises local directors including the Chairman and Deputy Chairman.

The committee has responsibility for all enforcement decisions, with the exception of any matters on which the Money Laundering Reporting Officer is obliged to report pursuant to the Money Laundering Regulations.

Management Committee

The Management Committee comprises the Managing Director as chairperson, the Deputy Managing Directors, the heads of the supervisory divisions and any other senior officer that the MD, with the board's approval, may designate. The committee is responsible for the Authority's operational decision-making, considers all issues that impact CIMA, and any matter the board may delegate to it from time to time.

The committee's primary role is considering and making decisions on licensing / registration applications, which are submitted by the supervisory divisions. It is also responsible for considering and making recommendations to the board on enforcement actions.

Conflicts of Interest

The issue of conflicts of interest is of particular importance to CIMA and the Board of Directors considers it essential that the financial industry and the broader local and international community at large have confidence in the integrity of CIMA and do not perceive the possibility of conflicts of interest as prejudicing that confidence.

Directors may have potential conflicts as they hold directorships or investments in, or have contractual arrangements with entities regulated by or dealing with the Authority. This benefits CIMA as they have current knowledge and experience of the regulated industry. However, the necessary procedures exist to protect against abuse and in accordance with the Board of Directors Conflicts of Interests Code these potential conflicts are fully disclosed and handled in a manner that maintains the integrity of CIMA and its decision-making.