The Cayman Islands financial industry is among the largest offshore centres in the world; lesser known, however, are the significant - and ongoing - contributions it makes to community development. Hotels, restaurants, shops, and bars all benefit tremendously from the FS community and 'business tourism'. In fact the Tourism and Financial Services industries have a very symbiotic relationship that is often overlooked and under-appreciated by people in both industries.

As strong corporate citizens firms in the financial services sector support the arts, sports, cultural events and schools, coupled with care for the elderly and the infirm, local civic groups and the environment.

Most companies consider their community activities as important, integral aspects of their business, far more than exercises in public relations. Some have, for example, sponsored Little League baseball, and Rotary and Lions Clubs for many years - and all in addition to the regular revenues they annually contribute to official coffers, aiding government administration of the Cayman Islands.

Here are just a few examples of how some of our financial services firms support and impact our society:

Butterfield Bank
Cayman National
Deloitte
dms Management
Ernst & Young
KPMG
Maples & Calder

 

Butterfield Bank Campaign Sponsor
An example of ongoing community involvement at Butterfield Bank is the company’s co-sponsorship, with the Grand Cayman Beach Suites, of the 16th annual St. Patrick's Day 5K Irish Jog for 2008.

The bank has traditionally sponsored the 3.1-mile run around the Britannia golf course and villas, attracting hundreds of local and overseas participants.

At the same time, the bank has long been a regular contributor of funding, tutoring and classroom equipment to Cayman’s public schools.

 

Cayman National Campaign Sponsor
Cayman National contributes to the National Council of Voluntary Organisations, which operates the Pines Retirement Home, where 35 residents are cared for by a staff of registered nurses, nursing assistants and management personnel. CNB’s annual golf tournament raises thousands of dollars for the home.

Since 2000, Cayman National has provided first, second and third place cash prizes to the winners of the male division of the Flowers One-Mile Sea Swim, an annual charity event that has hosted as many as 500 swimmers from around the world.

CNB volunteers, in partnership with the Sunrise Caring Association, helped paint the interior of the 14-room training facility at the Sunrise Adult Training Programme, which provides life skills, vocational training, job placement, counselling and craft-production services to adult students with disabilities.

Cayman National also donates to the Lions Eye Clinic at the Cayman Islands Hospital, and helped the Cayman Islands Cancer Society build the Wall of Remembrance, commemorating local victims of cancer.

Finally, CNB parent Cayman National Corporation has adopted the Elgin Avenue Roundabout for five years, pledging to improve and maintain the grassy area inside the facility and the islands separating traffic.

 

Deloitte Campaign Sponsor
The Cayman Islands branch of Deloitte has supported community causes for years, with a stated objective to "have a positive impact on community initiatives and worthy causes within the Cayman Islands, and to encourage our people to participate in activities that help to achieve these aims."

Among Deloitte's efforts have been donations, volunteer activities, pro bono services and staffing for not-for-profit boards.

For Earth Day 2008, the firm participated with a local school to help promote "Going Green and reducing the Islands carbon footprint". Staff members and students worked together to plant trees donated around the school campus which were purchased using funds raised by Deloitte member staff. Deloitte employees also worked with the students in many of the classrooms creating arts and crafts and participating in activities which instilled knowledge as to why saving the earth is so important. At the end of the day, the students and teachers were then given Deloitte branded reusable grocery bags.

Deloitte Cayman was one of the first companies to sign the Cayman Islands Chamber of Commerce Environmental Pledge which states that we pledge to do our part to adopt the 'Green Globe' company standard to facilitate improved environmental and social outcomes for travel and tourism. To focus on key performance areas which include greenhouse gas emissions, energy efficiency, conservation and management, management of freshwater resources, ecosystem conservation and management, management of social and cultural issues, land use management and planning, air quality protection and noise control, waste water management and waste reduction management, and to reuse, reduce and recycling where and when necessary.

Deloitte member firms also provide services in emissions verification, clean development mechanism validation, joint implementations, accounting and tax advice for renewable projects, emission allowances valuation, emissions trading internal controls, advice to insurers with respect to climate change impact, advice to governments on carbon policy development, and ethanol business start-up advice.

Citing a "clear and growing support for the idea that companies can transform themselves into environmentally and socially responsible enterprises that deliver measurable benefits to their host communities, while still providing solid returns for their shareholders, Deloitte's "Green Team" seeks to make environmental practices a standard part of its corporate culture.

Deloitte Cayman has taken numerous steps towards reducing our carbon footprint. We have switched to chemical free liquid detergents, installed energy saving blinds in offices, print reports double sided when needed, recycle toner cartridges, and provide cups made from recycled bamboo materials and plastics made from corn for use in the kitchen area.

Deloitte participates in "Hedge Funds Care", an industry-wide effort to prevent and treat child abuse and neglect. The Cayman Islands formed the first offshore chapter of the organisation, which includes local money managers, investors, prime brokers, attorneys, accountants, information providers and other members of the business community.

The Deloitte Cayman member firm will continue to find community initiatives which are important to our values and goals and will continue to provide a positive impact to the Cayman Islands community.

 

dms Management Ltd. Campaign Sponsor
dms Management Ltd. (dms) is a great example of a company that takes its commitment to its workforce very seriously and has a proud tradition of hiring, training and promoting Caymanians within their business units.

dms created positions called Junior Corporate Administrators specifically for young Caymanians. These employees are trained in the hedge fund industry, the Cayman Islands financial industry and Corporate Administration providing them with the knowledge needed to advance. Since the programme’s start in 2007, they have already promoted two Caymanians from Junior to full-time Corporate Administrators.

In addition, dms offers several programmes for their staff, including Lunch & Learn sessions that educate participants on different aspects of the hedge fund and finance industries; Flextime, which allows students to work full-time around their schedules while completing their studies; and Educational Assistance where an allotted budget is designated for training through approved courses.

dms is a founding member of Hedge Funds Care Cayman, and is the driving force behind the Joanna Clarke Excellence in Education Award, which publicly acknowledges the efforts of all persons and organizations that contribute to education in the Cayman Islands. The 2007 recipient was Savannah Primary School PTA, and the funds were used to build a brand new playground.

Through Junior Achievement, dms employees mentor students through experiential, hands-on practices designed to educate them on workforce readiness, entrepreneurship and financial literacy.

Additionally, dms participates in Mentoring Cayman, a joint initiative between the Cayman Islands Chamber of Commerce and the Ministry of Education that motivates students to achieve higher results in school, introduces them to potential new career paths and helps them understand their own strengths and capabilities.

The company also makes donations to Cayman Hospice Care, The Pines Retirement Home, CI Red Cross, CI Seafarers Association, Cystic Fibrosis Foundation, National Trust, Earth Day initiatives and other local causes.

 

Ernst & Young
Accounting and audit firm Ernst & Young, for example, is a major sponsor of the Cayman Arts Festival, and has funded performances by the internationally known Harlem Gospel Choir.

E&Y also supports the visual arts, and is one of 30 corporate members of the National Gallery of the Cayman Islands. Sponsorship of arts events not only provides crucial support for local organisations, but also means all Ernst & Young staff is invited to every event, enabling immersion in local culture.

The company helps fund Cayfest, an annual celebration of local arts and culture featuring drama, music and song, storytelling and rope-making.

The firm also sponsors academic-achievement awards, handing out top honours at Cayman Prep and High School, St Ignatius Catholic School, Cayman Brac High School, Triple C School and John Gray High School.

The partners have signed a five-year $150,000 commitment to provide IT equipment and software to public schools, and recently donated 10 Macintosh computers, a laser printer, and wireless networking hardware and software to East End Primary School and Cayman Brac’s Creek Primary School, which also received wireless digital camcorders to take advantage of the multimedia capabilities of the computer systems.

In addition to computer donations, Ernst & Young regularly contributes to such causes and charities as the Young Caymanian Leadership Awards, the Ernst & Young International September 11 Fund, the American Cancer Society, the Special Olympics, Cayman Hospice Care, the Business and Professional Women’s Club, the Cayman Islands Athletic Association and the Lions Club of Grand Cayman.

 

KPMG
KPMG in the Cayman Islands have a long history of community involvement since the office was first opened in 1966. To help formalize and centralize these community activities a staff Committee was established. Its purpose, to enhance the firms’ Corporate Social Responsibility (CSR) Policy and meet one of KPMG's core values that "We are committed to our community." The committee oversees the KPMG CSR policy which is formulated into three main areas of Donations, Environment and Volunteering.

Corporate Social Responsibility (CSR) is about understanding and managing our community and environmental performance alongside our financial performance. As a firm we have a long history of positive engagement with our local communities and creating value for our community is at the heart of our values. We believe that by doing so we increase the value we add to society.

KPMG's key sponsorship and volunteering initiatives include annual programs such as Junior Achievement, Little League, KPMG J22 International Regatta, Stingray Swim Club, Young Caymanian Leadership Awards, Earth day Clean Up, and Hedge Funds Care amongst supporting a number of other not-for-profit organizations and charities.

Recent CSR initiatives include The Be Active program and Rotaract Open Arms Project.

The Be Active Program works with local students, teachers, parents, community leaders and health care professionals to help support and teach children the importance of maintaining a healthy and active lifestyle. KPMG sponsors three local primary schools North Side, East End and Prep School in which local health care professionals visit and teach children about healthy living through Be Active assemblies, classroom visits and Be Active day. Children learn about the importance of healthy eating and exercise through learning fun learning guides and activities.

The main focus of The Open Arms Project is to help communicate with caregivers, parents and guardians to find out how they can better facilitate needs and help provide adequate living conditions to individuals with disabilities. KPMG supported the Open Arms Project as Bronze sponsors of the Open Arms Awards Ceremony where a number of individuals were honored with awards for their outstanding commitment to teaching, supporting and caring for individuals with disabilities.

Please visit our website at kpmg.ky to learn more about our charitable activities and CSR Program.

 

Maples & Calder
Maples and Calder, among the Cayman Islands’ pre-eminent law firms, has long embraced community work.

The Maples Foundation supports such charities as the Pines Retirement Home, and enrichment programmes at Savannah Primary School and the Lighthouse School, which educates children with special needs.

The firm offers annual legal and non-legal scholarships to outstanding Caymanian students and is involved in a range of community projects and organisations.

For example, a “Maples Wing” at the George Town Library will be built during the next decade with a donation of US$2.5 million and matching government funds, improving learning and reading facilities for children and young adults.

The Cayman Islands Cystic Fibrosis Trust is a regular Maples charity which has donated US$50,000 to its parent US Cystic Fibrosis Foundation’s ‘Milestones to a Cure’ campaign, while purchasing state-of-the-art physiotherapy facilities to help young Caymanians.
Maples has contributed US$120,000 towards the new US$2 million home of the National Gallery and its Maples and Calder Library, scheduled to be the biggest art and design library in the Cayman Islands.

Maples annually offers non-legal scholarships to Caymanians seeking undergraduate or post-graduate degrees. Individuals are selected based not only on their academic excellence, but also their dedication to community service and leadership in the Cayman Islands.Social involvement is an ongoing, enormous and widely accepted enterprise among Cayman companies. The Chamber of Commerce also pursues a community-based agenda, offering ongoing-education courses, mentoring programmes for young people, roadside clean-ups and scholarships, giving back to the people that help sustain the local businesses environment.