The Role of Corporate Directors
The GIFCS* has previously issued a Standard on the regulation of trust and company service providers, which has become an international benchmark for oversight of this sector. The responsibilities and statutory duties of directors are an integral part of this regime, and it is an essential part of good governance to ensure that they are carried out in an effective manner.
Whilst globally the majority of directorships are held by individual natural persons, some directorships are held by corporate entities. Director duties and statutory director responsibilities are a constant, regardless of whether the role is fulfilled by a natural person, or a corporate entity.
As part of its commitment to encourage good corporate behaviour, the GIFCS has today released a paper setting out some principles of good practice as part of a Corporate Director oversight regime. The paper can be accessed here.
22 May 2020
Notes for editors
The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena.
The GIFCS was established in 1980. Today its expanding membership accounts for a market share of approaching 10% of global international banking assets. The Group, which meets formally twice a year, has become a very pro-active contributor to promoting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of work of the FATF and IOSCO.
The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for regulation of this sector, which is being implemented by members and against which their compliance is being formally evaluated.
Please see www.groupgifcs.org for further information.
John R Aspden
Group of International Finance Centre Supervisors
Tel: +44 (0)7403610895
* Members are Antigua & Barbuda, Aruba, The Bahamas, Barbados, Bermuda, BVI, Cayman Islands, Cook Islands, Curacao & Sint Maarten, Gibraltar, Guernsey, Isle of Man, Jersey, Labuan, Macao SAR, Mauritius, Qatar, Samoa, Seychelles, Turks & Caicos Islands and Vanuatu.