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Greg Bennett By Matthias Knab: According to Taxjustice.blogspot.com, a Financial Times investigation on Independent Directors of hedge funds reveals that at least four individuals hold more than 100 non-executive directorships each, and 14 have more than 70 – each worth as much as $30,000 a year. One has been listed as on the boards of 567 Cayman entities, almost all of which are hedge funds.

This issue has also been discussed in detail by the recent Opalesque 2011 Cayman Roundtable. Greg Bennett, a Cayman based professional of The Harbour Trust Co. Ltd. and Independent Director confirmed that the question how many funds can a Director really serve as an Independent Director is the key question being asked by investors and considered by independent Directorship providers: "The reason that it generates such consideration is that there really is no simple answer on the issue. There are a number of reasons for this, including that the time and effort required to discharge one’s obligation varies by structure.

"For example, a Segregated Portfolio Company can have numerous trading portfolios that are effectively each a separate fund, however this would count as a single position if you just counted legal entities. Similarly, someone might be the Director on say 20 funds serviced by a single investment manager - in which case there are many synergies that arise from having a single set of operational controls, service providers and trading strategies. As such, these funds can ......................

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