<p> C of C Pension Plan Adopts "CFA Pension Board Code of Conduct" September 2012</p><p>From: William Adam <[email protected]> Date: Thu, Oct 4, 2012 at 4:15 PM Subject: C of C Pension Plan Adopts "CFA Pension Board Code of Conduct". To: "Ms. Lynn Roffey" <[email protected]>, "Mr. David Kirkaldy" <[email protected]> Cc: Chris Duggan <[email protected]>, Johann Moxam <[email protected]>, "Mr. Wil Pineau" <[email protected]>, [email protected], "Mr. Rod Waddell" <[email protected]></p><p>Dear Lynn and David</p><p>The C of C PP is to be congratulated on the recent announcement (see the attached Cayman Net News 09/27/12 file) on the adoption of the Chartered Financial Analyst (CFA), “Code of Conduct for Members of a Pension Scheme Governing Body” (Code). </p><p>Compliance with this Code, which is designed specifically in relation to pension investment practices, also includes the requirement for effective overall pension plan operational standards and procedures.</p><p>The worldwide financial crisis had its impact on pensions generally, however the C of C PP has been in decline for years as a direct result of poor management, poor administration, poor customer relations, poor investment management, including non-compliance with the NPL and Declaration of Trust. </p><p>For the C of C PP to survive there needed to be a fundamental shift in direction by the current Trustees, adopting the Code is definitely an excellent first step. Now the challenge is to change from being complacent with non-compliance, to enthusiastically adopt a culture of excellence, for the C of C PP to become the “Best in Class” pension plan. The Code needs to be implemented without delay; compliance measures must be established and then reported to the membership.</p><p>The Cayman Islands needs the C of C PP to be a standard setting pension plan. This compliments all of the work to which the C of C strives to achieve, including good governance and good business practices in private enterprise.</p><p>If there is any assistance you believe that I can give, then do not hesitate to contact me.</p><p>Please forward a copy of this email to the other C of C appointed Trustee.</p><p>Also feel free to forward this email to the full C of C Council and all other Trustees.</p><p>Best wishes to all of you as you move forward to make the C of C PP the “Best in Class” pension plan.</p><p>1 Billy</p><p>2 Attached are relevant files:</p><p>USA CFA 2012 09 27 C of C PP adopts new CFA Code of Conduct – the Cayman Net News article.</p><p>USA CFA - Setting Ethical Expectations for Pension Trustees - the announcement on the CFA’s Blog about the C of C PP adoption of the Code.</p><p>USA CFA - Pension Board Code of Conduct: Chartered Financial Analyst (CFA), “Code of Conduct for Members of a Pension Scheme Governing Body”</p><p>USA CFA - Pension Board Code of Conduct - Notes – personal notes to the C of C PP on the adoption of the Code.</p><p>NPL 4 Gen Regs 3 – Empee Selection of Pension Plans – The sections of the NPL and Regulations are referenced in Notes on the Code.</p><p>USA CFA - Institute Integrity List</p><p>USA CFA - Code of Ethics - Code of Ethics and Standards of Professional Conduct.</p><p>USA CFA - Handbook 2010 – Standards of Practice Handbook TENTH EDITION 2010 </p><p>3 From: William Adam <[email protected]> Date: Thu, Nov 8, 2012 at 1:40 PM Subject: Re: C of C Pension Plan Adopts "CFA Pension Board Code of Conduct". To: "Ms. Lynn Roffey" <[email protected]> Cc: "Mr. Rod Waddell" <[email protected]></p><p>Lynn</p><p>This is a follow up on the subject email sent to you on October 4, in reference to the C of C PP's adoption of CFA's Code of Conduct.</p><p>Please advise if you received the email and if the Trustees plan to take any "next steps" as a result of adopting the Code?</p><p>Best wishes</p><p>Billy</p><p>4 From: William Adam <[email protected]> Date: Thu, Dec 6, 2012 at 8:01 AM Subject: Re: C of C Pension Plan Adopts "CFA Pension Board Code of Coduct". To: "Ms. Lynn Roffey" <[email protected]>, David Kirkaldy <[email protected]>, Johann Moxam <[email protected]>, "Mr. Wil Pineau" <[email protected]>, Chris Duggan <[email protected]>, Barry Bodden <[email protected]> Cc: "Mr. Rod Waddell" <[email protected]></p><p>Lynn and Chris</p><p>Further to the emails of October 4 and November 8. To date an acknowledgement of receipt of the emails have not been received.</p><p>At the C of C PP Annual General Meeting questions were asked and partial responses received, comments on the responses received will be forthcoming. </p><p>There were also other questions to be asked but were withheld from discussion at the meeting, these will all be submitted to the Trustees for responses. </p><p>The FOI Release of documents revealed that the C of C PP knowingly violated the National Pension Law (NPL) Investment Regulations for at least five (5) years. </p><p>If these violations continue, then when government begins to be compliant in the implementation and regulation of the NPL the C of C PP will be subject to multiple fines of up to tens of thousands of dollars and the continuing loss of confidence in the plans operational capabilities. Trustees need to be aware that these fines cannot be charged to the plan, the Trustees will be held personally liable to pay the fines because for years they knowingly violated the NPL and regulations.</p><p>Please send to me the email addresses of the following Trustees:</p><p>1.Industry and Commerce - Employer 2.Industry and Commerce - Employee 3. The other C of C Trustee</p><p>In your responses please also confirm if all of these emails have been forwarded to ALL of the Trustees as requested.</p><p>Best wishes</p><p>Billy</p><p>5 From: William Adam <[email protected]> Date: Mon, Apr 20, 2015 at 12:08 PM Subject: Fwd: C of C Pension Plan Adopts "CFA Pension Board Code of Conduct". To: Cayman Islands Chamber of Commerce Pension Plan <[email protected]>, Charles Dickinson <[email protected]>, "Eduardo D'Angelo P. Silva" <[email protected]>, Lorenda Branca <[email protected]>, Pam Watler <[email protected]>, Paul Schreiner <[email protected]>, Peter Cockhill <[email protected]>, Rhonda Anderson <[email protected]>, William Gammerdinger <[email protected]>, Bryan Bothwell <[email protected]>, Bryan Bothwell <[email protected]>, Dorcas Watson <[email protected]>, John Pitcairn <[email protected]>, "Mario Ebanks (Work)" <[email protected]>, Sean Glidden <[email protected]>, Sean Glidden <[email protected]>, Stephen Price <[email protected]>, Raul Nicholson-Coe <[email protected]>, "Best, Charles" <[email protected]>, "Bodden, Martin Jr" <[email protected]>, "James, Ameritha" <[email protected]>, "Connolly, Brian" <[email protected]>, "Linwood, Loval" <[email protected]>, [email protected], [email protected], [email protected], [email protected], [email protected]</p><p>To All</p><p>National Pension Law Section 2</p><p>"This Law applies to pension plans established and maintained for the benefit of employees in the Islands."</p><p>It is good that the CFA Ethics Seminar is being conducted here in the Cayman Islands.</p><p>The pension administration and regulatory regime is in many way not being conducted exclusively "...for the benefit of employees in the Islands." as required by the NPL.</p><p>The focus of pensions needs to be returned from the employer, administrator, financial industry focus back to be focused on the "...employees in the Islands." </p><p>The CFA Pension Board Code of Conduct and their other updated codes will be a step in the right direction.</p><p>The Cayman Islands Chamber of Commerce Pension Plan Trustees (CPP) "Adopted" the CFA Code of Conduct in September 2012, however the CPP has never been compliant with the requirements of the CFA Code.</p><p>Below are comments made to the CPP Trustees in 2012, they never responded.</p><p>6</p><p>Since that time it has now been confirmed by the Superintendent of Pensions that those persons purporting to be CPP "Trustees" were in fact illegal Trustees. Further the Superintendent of Pensions on February 24, 2014 issued an Order (SoP February 24, 2014 Order) against the CPP because of illegal and maladministration, and illegally administering the CPP under the terms of unregistered Trust Deed Amendments, and by then with a "defunct" Board of Trustees.</p><p>The CPP Trustees continue to administer the pension plan non-compliant with the NPL, Trust Deed, the SoP February 24, 2014 Order and the CFA Code of Conduct.</p><p>For further information on the CPP see the attached file:</p><p>USA CFA - Pension Board Code of Conduct - Notes[1].doc</p><p>Best wishes</p><p>William H. Adam Member Cayman Islands Chamber of Commerce Pension Plan</p><p>7 USA CFA 2012 09 27 C of C PP adopts new CFA Code of Conduct – the Cayman Net News article. USA CFA - Setting Ethical Expectations for Pension Trustees - the announcement on the CFA’s Blog about the C of C PP adoption of the Code. USA CFA - Pension Board Code of Conduct: Chartered Financial Analyst (CFA), “Code of Conduct for Members of a Pension Scheme Governing Body” USA CFA - Pension Board Code of Conduct - Notes – personal notes to the C of C PP on the adoption of the Code. NPL 4 Gen Regs 3 – Empee Selection of Pension Plans – The sections of the NPL and Regulations are referenced in Notes on the Code. USA CFA - Institute Integrity List USA CFA - Code of Ethics - Code of Ethics and Standards of Professional Conduct.USA CFA - Handbook 2010 – Standards of Practice Handbook TENTH EDITION 2010</p><p>Pages Meta Tags</p><p>Cayman, CFA, Code, Chamber, Pension, Plan, non-compliance, noncompliance, violatiion, violations, illegal, NPL, Trust Deed, National, Pension, Law</p><p>8</p>