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Hands off

If directors fail to charge enough for theirvfees then that is their problem. Their responsibilities do not diminish and these have been well known for years long before Bear Sterns and Weavering. One should also look at the Beacon Hill case where the US judge admonished the Cayman directors for their role in the fund's demise. Finally where directors have excessive directorship positions there are not enough hours in a day for them to carry out their responsibilities. Funds and other Cayman companies will fail because of the greed of t.hose directors who place their personal wellbeing over their fiduciary responsibilities. The Companies Law requires to be amended as it was in the UK a couple of years ago to remind directors of just what their fiduciary duties are and in addition a Directors Disqailification Law needs be enacted.

7-Nov-2011

10:58 am