Ownership Agreements 2022-2023

Although SAGCs are legally separate from the Government, they are all owned by the Government on behalf of the people of the Cayman Islands. This ownership relationship exists regardless of whether ownership is reflected in the form of shares or a formal capital holding.

Like any owner, the Government expects the organisations it owns to perform within agreed boundaries. The purpose of the Ownership Agreement is to specify the ownership performance that the Cabinet and the Board of each SAGC have agreed the Authority or Company will seek to achieve during the financial years ending 31 December 2022 and 31 December 2023.

Ownership performance is the performance that an owner of an organisation expects and can be categorised into five areas:

  • Nature and Scope of Activities
  • Strategic Goals and Objectives
  • Financial Performance
  • Maintenance of Human and Physical Capability
  • Risk Management

Each of these five dimensions of performance is specified in the Ownership Agreement.
In addition, the Ownership Agreement specifies any ownership financial flows between the Authority or Company and the Government, namely:

  • Equity Investments
  • Capital Withdrawals
  • Dividend or Profit Distributions
  • Government Loans
  • Government Guarantees

The Government also has a purchase relationship with some SAGCs. This performance is specified in a separate document entitled, Purchase Agreements.

Published: 26 November 2021

Publication Type: Report

Details
2022-23 Ownership Agreements.pdf

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Category: 2021, Economics & Finance, Ministry of Finance & Economic Development (MFED), Report