Cayman News Service – Following its review of the recent ‘Weavering’ case where a judge condemned the role of the directors in a hedge fund case and awarded millions of dollars of damage against them, the Cayman Islands Directors Association (CIDA) said the case illustrates the need for professional independent directors.
Pointing out that neither of the directors of the Cayman registered fund were based here nor were they members of CIDA the president said had they been the men would have been subject to the association’s code of conduct requiring them to “display duties of care and diligence” whilst acting “truthfully and honestly.”
