Frequently Asked Questions
What value is there in appointing independent directors such as MG?
As independent directors we are able to make decisions that are in the best interests of the company to which we are appointed without any conflicts of interests. We consider that we can add value throughout the life cycle of each appointment as we have been involved with many hundreds of investment vehicles from their incorporation, investment phase and wind-down to liquidation. We have an understanding of investor protection as well as what is required from a commercial perspective. We regularly speak to prospective investors who are interested in our experience and abilities that we can use in our roles as board members. Put simply we understand that each appointment is unique and so should the boards approach to their appointment. We only accept a limited number of high quality appointments which allows us to dedicate the required time to each engagement.
In addition various investment fund bodies have recommended offshore independent directors such as AIMA in the UK:
“Best practice for any Fund would be to have a majority of independent offshore Directors…” (AIMA Directors guide 2008, click for more)
See 1.2 on page 6 of the AIMA Guide on this link.
How many directorships does each MG director hold?
We are open and transparent with our clients (including potential clients) as well as investors and we would be glad to discuss the number of actual appointments we hold, the number of relationships we manage so that our clients/investors can make informed decisions regarding our engagement.
Does MG have a license?
Yes we have a Company Manager’s License granted by the Cayman Islands Monetary Authority the current status of which can be verified on their website:
Does MG have insurance?
Yes we maintain a professional indemnity insurance policy in compliance with our regulatory requirement, which is underwritten by Lloyds of London.
Does MG have offices?
Yes we operate from our exclusive secure class ‘A‘ office located at 2F Landmark Square, Earth Close, Seven Mile Beach, Grand Cayman, Cayman Islands and we are happy to host meetings/ due diligence visits (click here to look inside).
Are the directors of MG approved by anyone?
Yes all of the directors being put forward by MG are ‘approved persons’ by the Cayman Islands Monetary Authority which includes the evidence of no criminal convictions, relevant experience, verifiable employment and educational history.
Are the MG directors subject to any codes of conduct?
Yes all of our directors are subject to the Cayman Islands Directors Association Code of Conduct which is based on and substantially similar to the UK Institute of Directors. This Code can be found on this link: CIDA Code of Conduct.
Do you do your own anti-money laundering and compliance?
No we have outsourced this to a Cayman Islands industry leader in such services, although our directors will be the point of contact, ultimately our service provider will sign off on our anti-money laundering documentation. We aim to make the process as painless and as unobtrusive as possible although we are legally obliged to obtain such information to the benefit of all our clients.
Do you have an audit?
Yes we are legally obliged to provide an audit to CIMA on an annual basis and we have engaged a big four CIMA approved auditor.
Do you have systems and a disaster recovery plan?
We have an advanced bespoke IT solution which facilitates secure access to all information and documents at any location at any time. Our records are stored digitally and the data encrypted and backed-up in realtime. We have a full disaster recovery plan. Our main protection from a disaster is our office which is located on the second floor of the building which is raised well above sea level which also has a full generator and water supply back-up which will ensure a continuity of MG ‘s services.
What requirements do you have to accept an appointment?
Our take on procedure is unobtrusive and transparent with the main criteria being that we understand the operations of the company and role for which we are being appointment.
How are your fees calculated and charged?
We prefer to be paid annually in advance and pro rated for part years. The actual fee amount is dependent upon the specific requirements of the appointment and we will wherever possible provide a fixed fee. In addition we would require a minimum of US$500 – US$1,000 towards disbursements depending on the nature of the engagement and we will provide full details of disbursements incurred at least on an annual basis.
How can we ascertain if you will be able to provide services?
Please feel free to contact us as we would be glad to provide you with a detailed proposal for our services.