In 2024, the Cayman Islands Monetary Authority (CIMA) conducted a Corporate Governance Thematic Review to assess compliance with the Rule on Corporate Governance issued in April 2023 and effective from October 2023. The review evaluated 19 selected licensees across the Banking, Fiduciary, Insurance, Investments, and Securities sectors.

The review highlighted both commendable practices and areas requiring improvement within 14 governance categories, including the corporate governance framework, oversight responsibilities, independence, risk management, financial reporting, and transparency.

Key findings emphasised:

The importance of adapting governance frameworks to an entity’s size, complexity, and risk profile.
The need for tailored frameworks in group-affiliated entities to meet Cayman Islands’ regulatory standards.
Challenges in ensuring consistent application of principles like objectivity, conflict management, and robust risk controls.

This review reflects CIMA’s commitment to enhancing corporate governance across regulated entities, aligning practices with international standards while considering local operational dynamics.