From Komfie Manalo, Opalesque Asia:
The improvements in best practices in hedge fund governance are driven by the demands and expectations of institutional investors and more recently by some court cases such as the Weavering case, where the judge took the opportunity to set out what is expected of a hedge fund manager to carry out his or her fiduciary responsibility, said Darren Stainrod, Managing Director, UBS Fund Services (Cayman Islands).
Speaking in the latest Opalesque Cayman Roundtable, Stainrod said the various new regulations did little to influence good governance.
"From a fund administrator’s point of view I can certainly echo the above points on corporate governance. There is a lot more demand today for our presence as administrator at the board meetings than ever before. We see the frequency of these meetings trending from annually to quarterly and we are often now requested to present an administrator’s report to the board either electronically or by conference call and sometimes even by physically attending the board meetings, especially when they take place in Cayman," he told participants at the Roundtable.
Ingrid Pierce, managing partner at Walkers started the debate on good governance, which she said had become......................
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