Carne Group continues Cayman expansion
Carne Group, a governance provider, has appointed Vanessa Barrett to its team of directors in the Cayman Islands.
The firm now employs five independent fund directors in the Cayman Islands and said it would be moving offices to cope with the on-going expansion. Barrett was previously principal at VBM Management, a Cayman-based governance provider. She has also been a director at dms Management. Prior to this, she worked at Ernst & Young and in UBS’s Alternative Fund Services business.
Carne Group’s expansion in Cayman comes as a growing number of investors have urged hedge funds to modernise their corporate governance structure, and appoint independent directors with fewer board commitments. These investor demands, coupled with regulatory proposals on corporate governance reform by the Cayman Islands Monetary Authority (CIMA), have also prompted other professional services firms, offering independent directors with fewer board roles, to establish themselves in Cayman.
“Our policy is to limit the number of relationships each director takes on and provide a low volume, high involvement model. Hence, demand for our services from fund managers and investors has grown,” said John Donohoe, CEO at Carne Group.
A survey of operational due diligence professionals by Deutsche Bank confirmed interest in corporate governance among institutional investors was growing. Thirty-four per-cent of allocators told Deutsche Bank they will devote more resources to reviewing corporate governance practices at hedge funds, while nearly a quarter acknowledged they had vetoed an investment due to a lack of independent governance. The majority of respondents highlighted they prefer at least three directors sitting on the board including two independents.