There are no AGM’s on Cayman Island Funds

Q: Why Not?

A: It’s not in the law and nobody demands it

So does this mean that Institutional Investors are not interested in having their say? Any Board should be accountable to their Investors and by far the best and easiest way on an annual basis is through an Annual General Meeting (AGM). It allows Shareholders either in person or by proxy to vote on resolutions before it

1. It approves the Report & Accounts pf the Fund
2. To re- elect or confirm the Directors of the Fund
3. To agree the compensation of the Directors
4. To re elect on annual basis the auditors of the Fund
5. To allow the Board to determine the auditors remuneration
6. Allow any other matters to be raised

So if there is no AGM on an annual basis Investors are being denied the opportunity to review the working and function of the Board which they employ. They certainly happen in other jurisdictions and do allow Shareholders their say.

Where is the Corporate Governance in that? Isn’t it about time that the situation was reviewed and Investors ask for a change.

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