The Board of Directors (the "Board") of the Cayman Islands Monetary Authority (the "Authority") announces its adoption of the following mission statement for the Authority: "As the primary financial services regulator our mission is to enhance the economic wealth and reputation of the Cayman Islands by fostering a thriving and growing, competitive, and internationally recognised financial services industry through appropriate responsive, cost-effective and efficient supervision and a stable currency."
The new mission statement was adopted at the Board's last meeting under the chairmanship of Mr. Michael Austin. It lays the new foundation of a bold strategic plan for the Authority. In realisation of the mission statement, the Board established the following goals:
1. to create a high quality and effective regulatory environment to attract users and providers of financial services;
2. to operate the Authority in the most efficient way possible;
3. to preserve the value and integrity of the Cayman Islands currency; and
4. to raise the profile of the Authority in order to increase understanding of the Authority, both locally and internationally.
The Board has set objectives for each goal and has delegated the development of strategies and tactics to the management of the Authority. These will be presented to the Board at its September meeting.
Newly appointed Chairman, Mr. Timothy Ridley, highlighted that the strategic plan will assist the Authority in agreeing its Ownership and Purchase Agreements with the Government. He remarked, "The mission statement reflects the Authority's vision, and the strategic plan will provide a solid base from which to strengthen and improve the performance of the Authority."
The Board also announced the successful completion of posting the Authority s laws to its website, www.cimoney.com.ky. This added feature can be found under the heading "Laws and Regulations", and provides users of the website the ability to immediately access and review all laws under which the Authority is governed and adheres to in performing its functions.