Independent Fund Directors - Waystone

      Independent Fund Directors

      Waystone offers high-quality fund governance through experienced, independent fund directors, supported by advanced governance technology.

      Our professional fund directors meet the fit and proper standards of the Cayman Islands Monetary Authority (CIMA). These Cayman independent fund directors, alongside all our fund governance professionals, utilise technology that provides a clearly documented audit trail to support the decision-making processes. Our independent directors leverage industry-leading proprietary technology to ensure all your needs are met.

      The roles performed include the following:

      • independent professional fund directors
      • managing members and board of managers
      • general partners
      • advisory committee members
      • independent funds and investor representatives.

      Cayman Fund Governance Solutions

      Duties of a Cayman Director

      The duties of a professional director of a Cayman Fund are required as a result of the fiduciary relationship between the director and the Fund and are based on the laws as applied in the courts of the Cayman Islands, statute and regulatory guidance. One should note that there is no statutory codification in the Cayman Islands of the general directors’ duties, responsibilities and liabilities. The duties of a Cayman director would typically be to that of the Fund however, in particular cases, can be to that of the creditors or individual shareholders. In the normal course of business, the interests of the Fund results in the directors acting in the best interests of the Fund’s shareholders. It should be noted however, that if the Fund becomes insolvent the directors must take into account the creditors of the Fund when carrying out their duties. Directors must comply with the statutory obligations which related to the management and operation of the Fund. The principal obligations applicable to the Fund and to the directors are derived under the Companies Law, the Mutual Funds Law and the Proceeds of Crime Law.

      What are the legal director requirements for funds in the Cayman Islands?

      It was established some time ago that that an independent director owes both common law and fiduciary duties to the company that he is acting for. This constitutes them, the directors, operating and making decisions as a board, being required to:

      (a) act always in good faith and in the best interests of the company;

      (b) use powers granted to them for their proper purpose; and

      (c) exercise whatever skill they possess and reasonable care when acting in the company’s interests.

      Cayman fund governance

      The Waystone approach to fund governance goes beyond simply providing a single independent fund director to a fund and is built on the belief that fund governance is a continuum – a system of checks and balances. Waystone’s independent professional directors are assisted by a specialist team of fund governance professionals who review each governance transaction, applying practical considerations based on their extensive experience.

      Independent Fund Directors Diagram: Scale & Length of Service Provision, Pool of Experienced Directors, and Well Invested Infrastructure

      Waystone’s Fund Governance Platform utilizes scale and length of service provision, a pool of experienced directors, and a well invested infrastructure.

      The most complete Cayman fund governance platform

      The Cayman Fund Platform offers investment managers a complete service, giving assistance in the launch of a Cayman fund so you can continue focusing on what you do best – managing portfolios. It has a set-up time of between two to four weeks and utilises counterparties that include leading administrator, legal and auditor counterparties. 

      The independent fund directorship selection process

      The selection of your professional director should be made in the same way as any professional service provider to your fund. It should be based on talent, competence, experience, and track record.

      Avoiding conflicts of interest

      Waystone maintains complete independence from legal counsel and other service providers to the fund. Our interests are fully aligned with your fund and its investors. Waystone structures the governance business to ensure our professional directors maintain their independence in accordance with global regulatory standards and industry best practice.

      Accessing Waystone’s global infrastructure resources

      At Waystone, we provide you with more than just an independent director. We provide an enhanced level of support, offering a high-quality team of hedge and alternative fund literate professionals to enhance the speed and agility of your team. Each Waystone director acts independently and is supported by a set of Waystone resources within the same time-zone to achieve the greatest possible availability and consistent service quality.

      Why appoint Waystone’s Independent Directors to fund boards?

      • Waystone allows you to take advantage of a truly successful, full-service professional company
      • We provide our clients with access to the most fund directors with the most experience
      • Waystone provides clients access to the most advanced governance technology and the infrastructure resources
      • Our platform of professional independent directors offers broad, deep and diverse talent options for you to build the most effective governance solution.

      To learn more about our Independent Director Services, contact us to speak with a Waystone representative today.

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