22 January 2013  ·  Richard Coles, Chairman of Cayman Finance, today called on industry to give their full support to a recent initiative announced by the Cayman Islands Monetary Authority to enhance the industry’s corporate governance framework.

The Cayman Islands Monetary Authority (‘CIMA’) recently began formal consultation with the industry on corporate governance proposals that aim to enhance and clarify corporate governance standards and provide greater transparency in the Cayman Islands financial services industry.

The initiative includes a survey which has already been sent out to industry, and Mr. Coles is encouraging everyone to participate fully in the process.

“The financial services industry has always been extremely cooperative on regulatory initiatives, and we welcome the recent initiative by CIMA”, said Mr. Coles.  “Cayman Finance encourages all stakeholders which have received the recent survey to participate fully as the information gathered is key to the CIMA exercise”, he added.

Mr. Coles said Cayman Finance welcomes any efforts to enhance the corporate governance framework of the country adding that he was confident that with the full participation of industry and the usual very productive relationship between public and private sector, he fully expected the initiative to result in a raising of corporate governance standards while preserving the competitiveness of the industry.

For further information on Cayman Finance, please visit www.caymanfinance.ky.