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Message from the President I am pleased to present this report on behalf of CaymanBank's Board of Directors. This past year has been a tumultuous one in virtually every sector of the economy, marked with serious concerns about oversight and governance. In this environment, your board remains committed to sound corporate governance and transparent disclosure. We congratulate management and all CaymanBank employees for their accomplishments and extraordinary efforts in meeting the challenges of 2002. Corporate Governance The public scrutiny and debate this past year provided the board with the opportunity to refine our governance standards and the satisfaction of seeing some of our own long-standing practices recognized by regulators and other observers as leading edge. Your board and management know we must remain vigilant in fostering and reinforcing a culture of governance and integrity throughout CaymanBank – starting at the very top. The foundation of CaymanBank's corporate governance process includes a majority independent board with an independent chairman and knowledgeable, well-informed directors who give priority to strategic planning. They ensure that standards exist to promote ethical behaviour throughout the organization while constantly striving to improve corporate governance practices. Access to Information Access to information is also critical to your board’s strength and independence. CaymanBank has an orientation program for new directors and undertakes ongoing education programs. RBC also ensures that the board has timely access to information it needs to make decisions, and free and open access to any and all members of management. Continuous Improvement These and other strengths are rooted in a commitment to continuous improvement in corporate governance. CaymanBank keeps close watch on changes in the business and regulatory environment and monitors governance initiatives in the Cayman Islands and elsewhere, assessing its practices against them and adapting as appropriate. This enables the board to anticipate and implement beneficial changes as a matter of best practice, rather than merely as a response to regulatory or other external requirements. As President and as a shareholder, I am pleased with the leadership CaymanBank has shown in all aspects of its operations, financial performance and corporate governance. Along with my fellow directors, I am committed to working closely with management to maintain the highest standards of integrity, discipline and governance, while providing shareholders with superior returns. Alasdair Gillespie, FCIB, |