Tenth anniversary eve issue

The NED launched in September 2011. In this last issue of its first decade we look back at topics that it gave considerable coverage to in its early years. Next month The NED will look into the future and forecast what it expects will change in fund governance in the years ahead.

Weavering: Just before The NED’s first issue went into production a court in Cayman ordered Stefan Peterson and Hans Ekstrom, to pay damages of $111 million for being in breach of their duty of supervision of the Weavering Macro Fund. They were found to be guilty of ‘willful neglect or default’ in exercising their supervisory powers as directors. Above all else, the judgement was a wake-up call for fund directors – and not just for those that served on the boards of Cayman funds.

Capacity: There was a lot on director capacity in the early issues of The NED. It definitely needed to reform (and not just in Cayman). The 2008 market crash fallout was still going on when The NED was launched, which has shaken a lot of people out of their complacency on the capacity question, especially regulators.

As result of the considerable focus on capacity in the early part of the last decade the industry has been able to move on. The NED has written very little on capacity in the last few years. It is less of a burning issue than it once was.

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