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  • A Momentous Occasion?

    As professional trustees, we pride ourselves on being able to make difficult decisions in an efficient manner to best serve our beneficiaries. Notwithstanding this effective use of judgement, there are certain times that a competent trustee should consider if it is appropriate to seek the Court’s advice and direction. Section 48 of the Cayman Islands Trusts Law provides trustees with the right to access the Cayman Islands’ judiciary, in addition to the protection of being able to rely on a statutory indemnity provided the trustee has applied in good faith. These type of applications to the Court are known as Cooper applications following the English case of Public Trustee v. Cooper. A brief summary of the case In Public Trustee v. Cooper [2001] W.T.L.R. 901 (Ch D) (“the Coopers Case”), the trustee of an Employee Benefit Trust held 73% of the shares in a holding company, which owned a brewery for the benefit of past and present employees of the brewery. The trustee received an offer to buy the underlying business. The current brewery employees were concerned that they would lose their jobs as a result of a sale and suggested they may take legal action against the trustee if it sold its shares. The other shareholders wished to sell their shares to a larger brewery. The trustee received professional advice. It was determined that the capital benefit to the beneficiaries would exceed the value of the distributions that they could reasonably expect if the business remained within the Trust. In addition, the potential purchaser had provided reassurances that it would not reduce the workforce. The trustee, after much deliberation, concluded that a sale was the appropriate course of action. For such a major decision, the Trustee applied to the Court to seek its blessing for the proposed action i.e. before the shares were actually sold – The blessing was granted. The judge that heard the Coopers case relied on an earlier judgment in an unreported 1995 case, which held that trustees may seek direction from a Court in four categories. Cooper Applications The four categories upon which the trustee may seek the Court’s blessing are; · Category 1 The trustee seeks the Court’s confirmation as to whether some proposed action is within the trustees' powers. · Category 2 The trustee seeks the opinion of the Court on whether the trustees’ proposed course of action is a proper exercise of the trustees’ powers in circumstances where there is no real doubt as to the nature of the trustees’ powers but the decision is of particular significance (“particularly momentous”). This will provide protection for the trustee from any claims that may arise by beneficiaries in the future for taking those decisions. · Category 3 The trustee seeks surrender of its discretion. The Court will only accept this application for a good reason – for example where the trustee is deadlocked (so much so that the matter cannot be resolved by removing one trustee rather than another) or disabled due to conflict of interest. · Category 4 The trustee seeks the Court’s retrospective blessing where the trustee has already taken action and that action is attacked as being either outside their powers or an improper exercise of their powers i.e. breach of trust. Preparation for the Court A trustee should be well prepared and they must provide all relevant facts to the Court in support their application. The level of information to be provided to the Court will of course vary depending on the particular case under review. In certain circumstances, the Court may even send the trustee away to produce more evidence if necessary. For example, in a Category 2 (“a momentous decision”) the Court will seek to determine if; the trustee has the power to enter into the proposed action the trustee has genuinely formed the view that the proposed transaction is in the interests of the Trust and its beneficiaries a reasonable trustee could properly have arrived at this decision the trustee has any conflict of interest, and if so, does this conflict prevent the Court from approving the trustee’s decision In formulating its decision, the Court will act as a reasonable trustee could be expected to act having regard to all the available material circumstances. It is important to remember that the Court has no greater powers than the trustee has under the trust instrument and/or under the applicable law. Confidentiality The hearing of trust matters are often very sensitive and should be dealt with in a discreet manner. This can of course be quite the challenge when litigation and the Courts are involved. It is very reassuring to know that a trustee, when making its Cooper’s application to the Cayman Court, may also apply for certain confidentiality orders. If granted, the Court hearing may be held in a private setting rather than public, ensuring that privacy of clients’ affairs are maintained. Conclusion A trustee should carefully consider whether their particular circumstances warrant an application to the court for its approval. A trustee must always exercise its discretion independently, taking into account all relevant factors, in order to reach a fair conclusion.It is paramount that a trustee demonstrates a high level of record keeping, the significance of which is especially brought to light when it comes to making informed decisions. Furthermore, a trustee should ensure that comprehensive minutes are prepared setting out the deliberations, as well as all the pertinent factors taken into account in the decision-making process, together with a full suite of supporting documentation. The better prepared the trustee is, the easier the Court may find it to grant its blessing in favour of the momentous decision. Author: Lauretta Bennett, TEP Senior Trust Manager R&H Trust & Corporate

  • For the Love of Humanity

    In the Greek tradition, the word philanthropy comes from the words “philos” meaning “love” and “anthropos” meaning “man” or “humanity” - The love of humanity. A Philanthropist is someone who donates their money, time and/or talent to a cause that aims to improve lives and better the community. We may often think of a philanthropist as an ultra wealthy individual who has millions of dollars to donate (Bill Gates, Oprah Winfrey and Jeff Bezos spring to mind). But anyone can be a philanthropist, regardless of status or net worth. Great fulfillment comes from these selfless acts of kindness. Generational Giving Every generation has their own approach towards philanthropy and the causes they choose to support. This is because our attitudes are influenced by our experiences. Each generation has lived through some major events that have shaped them. Understanding generational dynamics can help us understand generational trends in giving. The GI Generation “Greatest Generation” born 1901-1924 This generation lived through the Great Depression and fought in WWII. They were greatly impacted by economic turmoil. They valued trustworthiness and relied on one another. One job or one marriage often lasted an entire lifetime. This great generation were more likely to give to religious causes. The Silent Generation “The Silents” born 1925-1945 This generation was molded by World War II, the Great Depression and the Atomic Bomb. The "Silents" focused on their careers, valued hard work and dedication. They had great respect for authority and rules and grew up believing that ‘children should be seen and not heard’. This generation are big supporters of emergency relief, troops and veterans and religious causes. Baby Boomers born 1946-1963 The Boomers (due to the rise in post-WWII birth rate) are a generation of workaholics. They value teamwork, growth and success. They are independent and self-reliant. Due to their belief in hierarchal structure, they may find it difficult to adjust to modern workplace flexibility trends. This generation heavily supports traditional institutions like colleges, libraries and religious organisations. Generation X born 1964-1981 This generation grew up with minimal adult supervision and thus learned the value of independence and work-life balance. They were the first generation to grow up with computers and witnessed the birth of cell phones and the Internet. Gen-Xers were the first gamers. They have a strong desire to make the community better. They are more likely to give to nonprofits that focus on research and public policy, international affairs, and community development. Generation Y / “The Millennials” born 1982-1994 Also known as the Digital Natives, this generation has grown up with digital services so they naturally align themselves with technology for communication, shopping, education, etc. They collaborate with each other and have a positive mindset. The Millennials are strong supporters of international causes and human rights. Generation Z / “The Zoomers” born 1995-2012 Gen Z has been exposed to terrorism, economic instability, climate change and different humanitarian challenges around the world. As a result, Gen Z is eager to make this world a better place. This generation will often support environmental and social causes. Gen Alpha / i-Generation born 2013-2025 This generation is growing up with the familiar voice of their friends ‘Siri’ and ‘Alexa’. From utilising facial recognition software to surgical robots, interacting with Artificial Intelligence will be second nature to members of Gen Alpha. This generation will be passionate supporters of climate change, LGBT+ and other human rights and advocacy …but with AI being integrated into online giving platforms and tools to enhance and expand philanthropic giving. Despite the generational differences certain things have not changed; - The demand for reliable professional advisors that can deliver trusted expertise - The desire for lasting dependable relationships with these Advisors to ensure that family succession remain in safe hands - The need for adaptability and understanding in order to accommodate varying generational views and values - And thankfully, the love of humanity! As trusted advisors how can we help? · Make philanthropy a family affair As you continue to develop your client’s family relationship make sure that each generation’s needs are listened to. Whether it is an informal family discussion, or the creation of a formal structure such as a Trust or foundation, you can assist in navigating generational differences by including multiple generations of your client’s family in these meetings. · Be responsive Speed is everything, especially when a client is requesting something that is time-sensitive. Reply to your client as soon as you can. In addition, keep your client updated on relevant matters - communication is essential. · Address your communication avenues Building a broader multichannel communication strategy will ensure you reach and engage all generations from traditional in-person meetings and direct mail approach to connecting through chats platforms, video conferencing and webinars. This may mean spending additional time and resources to optimise your digital communications. · Engage the right people Create your own philanthropic ‘toolkit’ of key advisors; - Professional legal advisors experienced in the charity sector and philanthropic giving - Proficient Tax advisors to provide solutions on how best to utilise available tax reliefs and allowances so as to maximise the benefit to the charity concerned - Competent Investment Advisors to ensure that the right asset allocation strategy is created to support your clients investment objectives and ethics - Philanthropic advisors to research topics a donor may be considering supporting and to look for opportunities for philanthropic funding to match the donor’s goals - A professional and experienced corporate Trustee to advise individuals and families on philanthropy and charitable giving. To deliver their expertise on the creation of new charities, whether by way of a trust, foundation or corporate vehicle, and to assist on administrative, accounting, regulatory and compliance matters. The more skilled Trustee will also be well positioned to advise on cross-border giving, and on any practical issues that may arise. · Always, always, always deliver! Commit to those promises you made to your client and to yourself as their advisor. Go that extra mile and make a difference! Takeaway By taking time to listen, adapt and understand your client’s needs and their family’s diverse generational views and values, you will not only create long-term relationships but thoughtful stewards of your client’s wealth and their lasting legacy. Author: Lauretta Bennett, Senior Manager Rawlinson & Hunter, Cayman Islands

  • Rawlinson & Hunter Cayman Islands celebrates 50th anniversary

    February 2023 This year Rawlinson & Hunter celebrates 50 years of providing professional services in the Cayman Islands. When the fledgling office of three people opened in 1973 there were no emails, no couriers, no faxes and mail took at least a week to get from the UK. From these early days the firm has grown and diversified to where they are today, with over 85 staff, 6 business lines in Cayman and participation in several overseas Rawlinson & Hunter offices. The Cayman Islands office is a financial services firm specialising in private client, corporate, fund governance, restructuring & recovery, accounting and private fund services to a wide range of clients locally and globally. It is the third largest Rawlinson & Hunter international practice, the largest independent trust company in the Cayman Islands and were one of the earliest local providers of professional fund fiduciary services. Celebrating the past and looking to the future, Senior Partner, Alan Milgate said, "With the ever changing global landscape, to remain in business for five decades is a testament to the vision of our founders, adaptability of our leaders and dedication of our team who are committed to navigating and exceeding the needs of our clients. We are extremely proud of the growth and success that the firm has achieved over the last 50 years and thank our stakeholders for their commitment and trust. We look forward to our continued growth and evolution as we build on the strong foundation of our reputation and offerings." Beyond its extensivebusiness portfolio the firm has strong ties with the local community. The Breast Cancer Foundation, Help for Children, the Cayman Islands Crisis Centre, YMCA, Jasmine, National Gallery and CCMI are among numerouscharitable organisations to have receivedsupport. The firm is strongly committed to the development and education of young Caymanians by offering educational scholarships, professional development programs and staff training to build succession locally. Partner, Tamara Corbin "This yearlong celebration will include a focus on the heart of our firm which is our team. During this period the firm will recognise several members of staff for their years of dedicated service. There are currently over 20members of staff who have been with the firm for 10+ years and this year we show appreciation for two special individuals for over 35 years." Rawlinson & Hunter is an international grouping of professional firms and a leading provider of financial advice and private client services. In meeting the international requirements of our clients, wenow operate 12 offices worldwide in 10 countries and employ over 450 people. We pride ourselves on the commitment which we make to delivering a personalised service to all of our clients, whether as accountants, advisers, executors, trustees or directors.

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Other Pages (43)

  • Students-Graduates | Rawlinson & Hunter | Cayman Islands

    STUDENTS & GRADUATES Scholarship Programme If you are interested, you can read the information and guidance notes on submitting a scholarship programme application. ​ ​ ​ To apply for our programme, please download our Scholarship Programme application form below to your device and open the form using Adobe Reader or Adobe Pro. ​ ​ Application Form Overview Internship Programme If you are interested, you can read the information and guidance notes on submitting a Internship programme application. ​ ​ ​ To apply for our programme, please download our Internship Programme application form below to your device and open the form using Adobe Reader or Adobe Pro. ​ ​ Application Form Overview

  • Rawlinson & Hunter - Cayman Islands | Accountants

    CLEAR ADVICE IN A COMPLEX WORLD Cultivating relationships that last Tell me more about your... Services Trusts Corporate Fund Governance Accounting Restructuring Private Fund I'm looking for... People Select Staff arrow&v Alan Milgate Amanda Bako Martin Trott Philippa Stokes Tamara Corbin Richard Douglas William Walmsley View All...

  • Trust Manager

    CAREERS Back to careers Employment Type Submission Deadline Permanent Job Location Trust Manager Date Posted 10 March 2023 Cayman Islands Trust Services 28 February 2023 Apply Now About the Role The successful applicant will assist in the overall management of the business line, as well as being involved in the direct management of staff and client portfolios and will be expected to participate in practice development and marketing, training, budget preparation and analysis, and quarterly reporting to the board. The successful applicant will be responsible for the ongoing management of an extensive portfolio of trust and corporate clients, including complex private client structures, private trust companies and special purpose vehicles. This includes: - • liaising with clients and their advisers and family offices where relevant in the establishment and continuation of private client and corporate vehicles; • the ongoing management and administration of existing clients including the review of relevant documentation and the monitoring of ongoing responsibilities including ensuring compliance with all aspects of the relevant laws, and liaison with the firm’s accounts department as necessary regarding the preparation and review of financial statements for trusts, companies, private trust companies and special purpose vehicles; and • the supervision of staff assigned to support the ongoing management of the portfolio of clients. The role also includes the provision of technical assistance, mentoring and training to members of staff. This is a senior position that requires strong written and oral communication skills, the ability to meet frequent tight deadlines and a willingness to work overtime when required. Applicants must be highly motivated and highly organized with an ability to work on their own initiative. Computer literacy is essential with a proven record of managing staff. Benefits: • US$100,000 to US$130,000 per annum, commensurate with qualifications and experience of the successful applicant. A full package of benefits is also offered including an annual performance based bonus, health package, pension and life insurance. Applications including resume, should be forwarded to: Senior Manager, Human Resources Rawlinson & Hunter Limited P.O. Box 897, Grand Cayman KY1-1103 Or E-mail to: Website – Please note that only candidates selected for an interview will be contacted Requirements Qualifications and Experience: Must possess an internationally recognized professional qualification (CA, ACCA, STEP) and five years practical experience in a managerial capacity, including relevant experience in the administration and management of a portfolio of trust and corporate clients including the review of related documentation.

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