Panton expecting busy time at helm of CIMA
Wayne Panton
(CNS): Wayne Panton, the former financial services minister who was recently appointed as chair of the Cayman Islands Monetary Authority Board, is expecting a busy time ahead, given the numerous international and local issues impacting the country’s financial services sector. The appointment of the retired off-shore lawyer was revealed in a recent government gazette, and Panton told CNS he was happy to be returning to the realm of public service and felt his “experience and expertise” made him well suited to lead the board.
“I’m looking forward to building on the foundation already established at CIMA and help continue the promotion and protection of the financial services sector,” he said. “There are a number of international issues that will no doubt take up much of the time, as well as local matters that need to be addressed.”
Panton signalled his intention to continue the pursuit of better communication and collaboration with the industry stakeholders, as he said that was a very important part of CIMA’s work.
The former minister takes over as the Cayman Islands Government is engaged in a major battle with the British government over beneficial ownership public registers, with the UK threatening to impose this if Cayman does not create the relevant platform itself. Against that and other international pressures, CIMA continues to expand its regulatory regime and support a growing sector that remains at the heart of Cayman’s economy.
Panton replaces his old Walkers colleague, Grant Stein, as the chair. Current board members Patricia Estwick and Judith Watler have been reappointed and Garth MacDonald is the new deputy chairman. In addition to Panton, there are three other new members: Theo Bullmore, Barry Kroeger and Patricia Teufel.
Category: Business, Financial Services
There are a lot of good people at CIMA. That said, the structure at CIMA has been broken for a long time. The analysts that deal directly with financial industry professionals every day are not properly empowered to do their jobs efficiently and expeditiously. Almost every request put to an analyst or senior analyst is met with the same generic response of “The Authority is considering your request and will get back to you”. The client facing people have to send every query up through the chain of command and then they have to wait for a response to come back down. This tells me that either they are not being provided with sufficient information and resources, or they are not being properly trained. It is clear that the senior staff with all the knowledge are not empowering their subordinates with sufficient information to properly do their jobs. This is typically seen in organizations where older, more senior people hoard the knowledge at the top level as a way of protecting themselves.
I know many of the analysts and senior analysts personally and I know that most are well educated and hard working people. But the reputation of the Authority within the financial industry is not very good at all and the industry is feed up with the slow responses and sometimes no responses at all. Mr. Panton, please make it a priority that client facing staff at CIMA are empowered with proper training and resources to do their jobs.
You might want to have a look at some of the boards these newly elected have previously sat on.
CIMA is in good hands !!!!!!!!!!
For years, people have been telling you about the Lodge and now some of you are waking up as these adherents to the “craft” begin to show their true nature.
These people are so anti-Cayman and pro-Lodge.
Anyway, I am not worried because a tsunami of truth is cascading upon the earth.
Government criminals are being exposed, celebrities are being exposed, mainstream media are being exposed and arrests are not far away.
It is time for all public business to be done truthfully and in the open.
Honk for Q!
Let me just add that organized religion is also being exposed. The days of suckering poor, hard-working people into buying Mercedes’ for Jesus are over.
Many of our pastors are just hirelings. They do not care for the flock, rather they care for what the flock can give them as they prepare yet another meaningless sermon, choose a few more overly-repetitive ditties and figure out how many times they can send the plate around.
The real power of Jesus is transforming, not conforming.
Remember when he went to church in Jerusalem? What did he do?
That’s right, he drove the fancy-costumed fakers out and turned over their tables.
A lot of you people are anti-religion and you have every right to be, but do not be anti-Christ. Jesus saves. He saved me and I am so thankful.
Congregations are filled with thieves and back-stabbers, those who think they are above all and sin freely.
They ‘stab’ their own to heavily line their pockets.
Sitting in a Congregation, attending a Service they feel forgiveness from their sins?
p.s. Knowing the Bible means nothing if the words in the Bible are not adhered to.
p.s.s. Tithing does not buy forgiveness either.
it would be good if Mr Panton looked at salaries in CIMA and wondered why they are so excessive compared to the civil service. A lady has just left the civil service (finance/audit) on a very decent but unremarkable salary and has been appointed to a post in CIMA on a Chief Officer’s salary….but without ANY of the responsibilities of a chief officer post. No appearances before Ezzard at PAC for only one example. Just a small cog in the CIMA wheel along with many many other very highly paid people. Was the Public Authorities Law not supposed to stop this sort of massive salary inflation in the statutory authorities….and yet we see the huge sums earned by, for example the people in OfReg?
What responsibilities does a Chief Officer in the Civil Service truly have in practice?
Jokers!
Top man! Great news.
Many congratulations Wayne!
It is high time that the Government take the setting of interest rates away from the BANKING CARTEL!!! There is no solid reason for our interest rates to be locked with the Fed Rate.
The rates in this country should be set as a matter of monetary policy!!!
Ever wonder why it takes days for your check deposits takes days to be credited to your account?? It because the banks put those funds on overnight placements in New York, ie they lend your money. They don’t borrow from the Fed Reserve.
It’s a scam, a greedy money making scam. And our GOVERNMENT is gutless.
Unfortunately, Wayne has made in clear where he stands in this issue…..on the side of the banks. Sad.
No wonder you are sad – it is high time you educated yourself before posting ignorance.
Ask CIMA to explain to you how a Currency Board works which by the way we have had since 1972 when Sir Vassel put it in place. to help you just a little bit – CIMA does NOT perform a central bank role. It does NOT set interest rates. It is a feature of most currency board structures that the local currency is set at a fixed exchange rate with a larger country. In our case you will know that our CI dollar is pegged to the US dollar. Our dollar only “floats” against other currencies by way of the US dollars performance against foreign currencies and the rate of interest is similarly fixed to the US central bank rate ie the Federal Reserve Bank rate. It has worked well for Cayman – the US is our biggest “trading partner” and the US dollar is a stable and global benchmark currency.
For Cayman it does not really make sense to have another system – the last 46 years have proven that Sir Vassel had it right!. But he didnt invent it – Bermuda has had the same since 1915.
I am sure Wayne understands these issues whereas you clearly do not. If you want CIMA to perform a central bank role and set monetary policy including interest rates then be prepared to take far more risk and hugely increase your taxes so you can pay CIMA 30 million or more to operate as a central bank!
BS 3:05. While you offer a history lesson to the author, you miss a valid point. The interest rates in Cayman are too high. And is so for no valid reason!!!
On another note, I suggest you tone down your anger. People tend to be more receptive to messages when they aren’t being delivered in such an angry tone. Just saying.
11:25am is right! The banks are a cartel, perhaps you’re in that club?
They have to be put in check.
Agreed and the cut above prime that the banks are taking is criminal. Please Wayne if you have a spine help us.
11:25 ya miss the.new ACH system within the financial services industry. Keep up ole boy keep up.
What happened to supporting our own Caymanians.
Caymanians have you forgotten this concept?
Congrats Wayne you will do a brilliant job.
This Government can surely give jobs to individuals who don’t really need one, as they have enough wealth that they would have to live two lifetimes to spend it all!!! They just can’t seem to find out how help “regular” persons that really need a job to be able to feed their families and live.
Congrats Wayne. Good luck with bringing this run away SAGC under control. Salaries are out of control and the Authorities reputation with industry is at a long time low.
Nothing personal against any of the people I am going to mention but for the sake of establishing my point I feel I have to
Please note that while all persons mentioned are certainly accomplished in their fields and unquestionably have the qualifications for their roles, I simply don’t believe in coincidences when it comes to Cayman
Am I the only one noticing the fact that un-elected and defeated PPM candidates seem to be conveniently landing top jobs in or around public authorities and groups in Cayman?
For instance:
-Lucille Seymour, just happens to have been appointed as the member for GT and the chair of the Older persons council (a redundant council if you ask me considering the age of most of our MLAs and the fact that older persons 45-60 make up the vast majority of electors in the Cayman islands, meanwhile Cayman continues to discount and dismiss our youth and younger voters)
https://caymannewsservice.com/2017/10/council-appointed-to-give-seniors-a-voice/
Let’s not forget the older persons council was set up almost immediately after it was legislated and a PPM party member was put at the helm, but the district advisory councils which were legislated in 2011 are still not fully implemented
https://caymannewsservice.com/2015/12/district-council-law-changes-shelved-until-after-election/
-Marco Archer, just happens to have gotten the top job at the Cayman Islands Stock Exchange, raising questions about the hiring process which the government members and DG (his former peers and his party) conveniently explained away
https://caymannewsservice.com/2017/09/archer-lands-top-job-at-ci-stock-exchange/
https://caymannewsservice.com/2017/11/pa-law-not-followed-in-archers-appointment/
and now we have Mr Panton who formerly was a partner at Walkers conveniently landing the top job at CIMA (and is now replacing his Walkers colleague in another convenient coincidence) While I am sure he is more than able to fulfill the job requirements I can’t help but question how connections have played into these three person’s new positions
As I stated previously all of these persons certainly on paper have the necessary notches in their respective belts to slide into these positions but one has to wonder whether their PPM party affiliation, former positions in the CIG and private sector connections have any roles to play in these coincidence.
While I am sure the government is not phone banking for these three individuals let us not kid ourselves on the benefits of having an insider on the outside so to speak
We see it all the time in the US, the revolving door that is political office and corporate lobbying/ corporate executive positions, one day you are a congressman the next day you are part of the cabinet regulating banks and financial groups and the next day you are running Goldman Sachs
(one day you work for C&W/LIME/FLOW the next day you work for OfReg, sound familiar?)
I can only speak for myself when I say these are too many convenient coincidences for me to sleep easy, and I am sure that come 2021 we will see many familiar faces standing for election
I get you. I am sure you must feel like a sad failure to sit around moaning and posting rubbish under the pseudonym E. Nygma. But do what many have done – get off your ass and do you something constructive – contribute to your country in whatever way you can. Dont bemoan those who are willing to do so. Listen chump Cayman is small – 60,000 people and half are non Caymanians. The US is 300 plus million. Of course you will see many of Caymans most qualified and hard working contributors more often.
You clearly entirely missed the point here “anonymous” ( I love people who criticize pseudonyms while also being anonymous on the internet)
I have no issue with prominent Caymanians being put in these positions in fact I applaud them for their accomplishments and I said twice they certainly appear to be up to snuff in terms of qualifications
My issue lies in the fact that the persons who seem to magically be landing in these roles coincidentally happen to be founders of the PPM party and former unseated ministers
I simply question the idea of filling roles in and around the government up with former politicians and party leaders, the civil service is meant to be apolitical which is why the Minsters are meant ( “meant” being the key word) to have little to no say in decisions outside of the realm of policy/goals, innovations and reforms.
I am not attacking these persons, in fact every point made is backed up with
with links proving the basis of my thoughts (in stark contrast to your reply)
Your assumptions relating my socio-economic status indicate that you consider skepticism to be borne of a lack accomplishments and or some deep seated resentment or dissatisfaction, which could not be further from the truth.
I simply am an aware citizen who pays attention to the local goings-on
The trickle of former PPM candidates into positions of public authority, should be alarming to any society with any sense of the danger of cronyism.
Yes indeed, you are correct, Cayman is small, mindbogglingly so, but are we really to believe that this is just some coincidence
If you somehow believe that their party connections and former positions have been forgotten then you must be new to Cayman
A country where who you know, lands you on top 9/10 times
What’s next, Chief Justice Kurt Tibbetts?
Attorney General Maxine Bodden?
Police Commissioner Osbourne Bodden?
There is a time and a place for stepping into positions of public authority as a Party
They are called elections, we had one in 2017 and the next one is in 2021
You want Wayne, Marco, Lucille and others to be in or around the CIG then vote them in
I have to say that “Mr Nygma” has made a good point, qualifications aside the old Caymanian bugbear of “connections’ still flourishes when it come to political appointments. I can only assume 9.31am is a PPM supporter.
Really? Since when has Kurt Tibbetts been a lawyer? Since when has Osborn Bodden been a policeman? I have voted both ways over the years so I wouldn’t call myself a supporter but I know nonsense when I see it and it seems that having an anti Alden McLaughlin agenda has blinded some folks.
Wow… I thought this went without saying, but I forgot common sense isn’t very common anymore
That is precisely the point why I mentioned them, when we let the cronyism carry on unimpeded, It will start going from technically qualified and well connected party members (which is where we are now) to just well connected party members (and Cayman doesn’t have far to go it would seem)
Context clues are very important when analyzing writing, publications and comments, perhaps pay more attention next time
The only agenda I have is an agenda for promoting accountability and transparency in and around government
That includes appointed positions and hiring practices of statutory boards and authorities
It is clear that your agenda is to calmly pretend that you have no agenda. Transparency and Accountability is obviously there but you want to suggest that because certain people have been associated in the past there is cronyism. That is nonsense. The hiring at the stock exchange had nothing to do with Cabinet and the appointment at CIMA is a pretty obvious choice. Don’t get confused with these two positions though. One is the employment of a good candidate to fill a salaried staff position and the other is an appointment to the policy and governance board ie not a salaried staff position.
Who cares govt spinning out propaganda now to distract the Caymanians signed the petition bring our governor back wayne panton cannot help us!
Chairman of the Board isn’t the helm, he isn’t involved in any day to day. Anybody heard much of anything from or about Grant Stein when he was chairman? No, why? Because it is a title. Thank you for coming to my TED Talk
Bitter much?
Let the man work and see what he does with the so called “title” and then judge…
Personally, couldn’t think of a more suited person for the job
I can think of a few. Wayne tried to pass that piece of garbage of a legal practitioners bill that would have devastated Caymanian lawyers and now Alden puts his former political colleague on this board to bring him back into the PPm fold! This is nothing more than a re-launch if his campaign to get elected. What will happen when he resigns from the board to run in 3 years? Yea thought so they will bring in some patsy to take over. This is one of the most critical boards in Government and they are playing politics with it. I’d prefer a real Caymanian take over eg. Dan Scott. He has the love for Cayman and proper motivation and won’t be simply looking out for his former colleagues.
I am a member of the Caymanian Bar Association (and yes many generations on both sides) and the only garbage was those pushing against that legal practitioners Bill. It would have been the best thing for Caymanians. It was the best proposal I had seen in years and a large majority of us Caymanian lawyers supported it!
You are not a member of the Caymanian Bar Association. It does not exist anymore.
Then what is this? http://www.caymanbar.org.ky
Then you obviously don’t know many people
How many people do you know that have headed up one of the largest offshore law firms on the planet / represented the KY gov’t on the world stage, and would be happy to take a massive pay cut to sit at the helm of CIMA?
Not too many candidates are there…
Don’t kid yourself. Its not about money either.
when it really comes down to it… it’s all about the money…
Panton signed up Cayman to the Beneficial Ownership committment as Minister of Financial Services then denied doing so. The EU then posted the meeting notes on the internet contradicting everything the minister and Premier claimed. He is not a saviour buyer beware.
What a lot of nonsense. Beneficial Ownership was not initiated by the EU. I would dare you to post “the meeting notes” and do so under your own name except that you know they don’t exist. You are a bad liar with an agenda.
Says Anonymous check the website
points taken, but which other capable candidate do you know of that would be willing to leave their current position in government / private sector to take up this position?
Even if he hadn’t signed us up to the beneficial ownership regime in the first instance, it is now being mandated through legislation so we’d have been forced to comply in any case
Two wrongs do not make a right !
I have now lost all respect for Tara Rivers she may as well just go ahead and join the PPM because she has become just like them!
She has been for a long time, just keeps the Independent status so she can play either side. Lol this Island is a damn mess!!