Cabinet approves bonuses for CIMA and CSX
(CNS): Performance award payments to the Cayman Islands Monetary Authority staff for 2020 and bonus payments to all employees at the Cayman Islands Stock Exchange (CSX) for last year have been approved by the Cabinet. According to the summary of the Cabinet meeting held on 10 August, the cash payments for the employees are covered by the two public authorities’ existing budgets.
The ministers also approved the introduction of remuneration for the CSX council members. From now on, the chairman will get CI$4,000 per month, the deputy CI$2,000 and members CI$1,500 each, which will come from the CSX budget.
Another key move by Cabinet was to approve the creation of, and investment in, the Commonwealth Climate Growth Fund (Cayman) LP, which provides an opportunity for the Cayman Islands to participate in implementing solutions to address climate change, according to the summary issued by government, though there were no details of what that might entail.
See the summary on the government website here.
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Category: Politics
To correct the record, it should be noted that no funding from the Government’s annual budget is appropriated to the Cayman Islands Stock Exchange (CSX). The CSX’s annual budget is funded entirely by revenue generated from services provided to issuers of securities locally and abroad. On the other hand, the Cayman Islands Government has received from the CSX over the past 20 year an aggregate of dividends from the work of the Exchange amounting to more than US$8.5 million with dividends currently in the range of US$1.3 million for 2020, 50% of audited net income (CI$2.126 million) and in accordance with Government’s Cabinet-approved dividend calculation formula.
Additionally, the chairman and board members of the CSX have worked pro bono from inception of the CSX in 1997 and received no remuneration or bonuses to date. Also, the requirement to remunerate the board members of the CSX is found in section 13 of the Public Authorities Act (2020 Revision) which has not been complied with to date but which oversight is now remedied by the resolution of the PACT Administration. Also, the staff of the CSX do not automatically receive a bonus; it is only if the board decides that their performance and that of the Exchange is deserving of such. The approved bonus for all staff was CI$40,252 or 1.9% of CI$2.126 million, the audited net income for 2020.
Furthermore, the ownership of the CSX by the Cayman Islands Government is anomalous as typically a stock exchange is privately owned and operates as a for-profit commercial entity but evidently the current ownership structure means the CSX falls under the Public Authorities Act although it receives no funding from the Government’s annual budget.
Thank you Marco a very informative summary
Question for Marco,
How many stocks actually trade on the CSX and why is it not trying to become an actual exchange? Surely that would generate significantly more revenue.
No Council/Board members shoild be paid that kind of renumeration. In fact OFFREG’s should be cut. They should get a stipend like the members of other boards.
Where do I apply?
The Head of the Stock Exchange is on CI$17,000 a month. I presume he is not getting anything on top of this already extraordinary salary?
This government is running this country into the ground. How can they expect to spend all this money and keep the borders closed? This excessive spending just shows that all they care about is remaining in office the long term future.
These 2 organisations have been getting bonuses all along
year in, year out so get updated
nothing new here, no surprises
move along, nothing to see here.
Incorrect.. I’ve worked at CIMA for 10 plus years now and I have only received two bonuses since that time..
PACT lost my famly’s vote ….very dissapointing
A bonus is discretionary and should be reserved for those individuals that have performed significantly above and beyond their stated responsibilities. The government should be required to publicly declare exactly what each individual has done to earn a bonus. There is simply no money for this type of expenditure unless it has been earned.
Ha not only that. Apparently each MP just received $15,000 for Hurricane cleanup. So what are we paying NRA, DEH, DOA, Public Works etc to do if MPs are out and about hiring “voters” to cleanup their constituencies. Transparency ??? I bet that little tid bit wasn’t in the Cabinet summary sent to the press ??!!! Is the money going to be audited ? It’s approx $285,000 of our cash that was just handed to a bunch of politicians to go buy some votes with – I swear Mackeeva is running this Govt and Wayne really has lost control of his cabinet
He never had control of them and never will.
What about the SAGS. NRA HSA ect.
The only civil servants (including SAGC’s) who deserve a bonus are the garbage collectors who work far harder than any of their world class brethren.
Ot has never been about physical work
Only metaphysical work counts.
Get your fat heads out of the trough. This is just wrong on every single level. Pure greed when there is real poverty on this islands. Sickening.
I whole-heartedly agree!!! It is disgusting! What has happened to honesty and integrity? Hello………… Is anyone there?????
Same game, different name. And I thought PACT would be different!
Goteeemmm!!!
The private sector board members of the CSX should be too ashamed to accept this huge increase in remuneration.
If we are rewarding excellent performance why is CIMA on the list.
How about bonuses for the HMCI NEOC Regiment NRA DEH and PWD crews who have shown us world class performance during and the passing of Grace.
Am I missing something? What did they do that was so outstanding last year?
nothing as usual
Thanks for the blacklisting indifference guys, cheers! 🥂
Really! sounds like the same ppm Cabinet is still there
Hmmmmmmmmmmmm. I wonder how many cabinet members ARE still there!
And I thought the payola games would be reduced!!!! Silly me.
What do you think about this, Mr. Premier?
Cabinet Members cannot serve on the Boards of SAGCs and cannot be employed by any of these entities
If you know something different then post it
If not, then you are just another lies-stirrer!
Grreat. And there are full time government staffers who earn less than 2,500/monthly. Go figure.
Wow! Talk about milking the cow? Why stop there? Why doesn’t the nurses, fire fighters, police officers, teachers, etc, receive bonuses as well?
It is mind boggling that bonuses are even being considered for Civil servants during a period the that CIG is running significant deficits.
Also in relation to CIMA, it is puzzling what employees would be doing that warrants a bonus…
It clearly hasn’t been a high performing organization and I think a straw poll of those that interact with CIMA staff and management would not be in favour of bonuses being paid out.
It’s called wote buying. You can never start too soon.
Christ a mighty Wayne Panton is quickly becoming the next Mackeeva and I am not making a joke!! He will soon be wearing an oversized crucifix around his neck.
CIMA and the Stock Exchange are not part of the Civil Service. They are statutory authorities .