2018 – MG’s Focus on Board Meetings

June 2018  -In this world of increased regulation and scrutiny on those charged with oversight there is a current on the board of directors by the SEC and the FSA. They are interested to learn if the board of directors acts as a real board of directors should. One of the flags look for is whether the directors simply adopt the draft minutes as prepared or whether they alter these to reflect the business actually conducted at the meeting.

Our Victor Murray recently participated as a panelist on the Regulatory Compliance Association telecast discussing the role of independent directors in the valuation process of hard to value assets.  In particular the recent Morgan Keegan case brought by the SEC against the independent directors was discussed where the SEC found the directors liable for failing to give meaningful insightful guidance to the manager. In addition, although the board had regular board meetings the value of the information considered at those meetings was questioned by the SEC as the directors did not ask appropriate questions  and they were not able to decipher from the information provided whether the valuations had changed since the last valuation.

In 2014 our Victor Murray also assisted the Hedge Fund Standards Board refine their standard board agenda.

At MG we are thought leaders and we keep up to date with developments such as this. We will add value and advise our clients accordingly – experience is always included in our service. Please have a look at our publications page and get in touch as we would be glad to help: victor.murray@mgcayman.com.

Cayman Directors