Correcting an erroneous media report, the 21 July 2015 appointments and reappointments to the Cayman Islands Monetary Authority (CIMA) board fulfilled a legal requirement, as the tenures of previous board members had expired, Minister of Financial Services Wayne Panton said today.
'Five appointments expired on 20 July 2015; and the sixth appointment expired today, on 28 July', he said.
'In accordance with the Monetary Authority Law (2013 Revision), these appointments must be filled, as the board is responsible for CIMA's governance, policy and performance, as well as the general conduct of its affairs and business. Any suggestion that the changes are a result of anything else is unfortunate and completely inaccurate'.
While most of the board positions have been filled, there still are some vacancies. Minister Panton said that further appointments for a full complement of CIMA board members will be announced in due course.
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