End of the rubber-stamp era

New substance rules have profound consequences offshore directors
Prior to the market crisis relatively little was expected of what is the governing body of an offshore fund, its board of directors. The market crisis, Madoff, Weavering and various other similar scandals brought offshore directors into the limelight. These events also did a lot to bring what some called the rubber-stamping era of offshore fund governance to an end.

But the market crisis didn’t end the rubber-stamp era completely. And it might even have begun to creep back in. The NED has heard of US based managers complaining that their independent directors in Cayman have been ‘difficult’ and so should be replaced.

To read more on this story see the January issue of The NED.