Knowledge base
Navigating strata governance
in the Cayman Islands
An essential guide for strata executive committees: legal obligations, budget preparation, AGMs and changing managers.
Managing a strata corporation under the Cayman Islands Strata Titles Registration Act demands strict financial governance and consistent operational execution. This guide sets out what an executive committee is responsible for and where corporations most often come unstuck.
Key governance guidelines for executive committees
Annual General Meetings
Formalities for issuing notice periods, voting rights and recording official minutes. An AGM that is not properly noticed can be challenged, and so can the budget it approved.
Financial oversight and reserve funds
Structuring realistic annual budgets, managing monthly strata fees and maintaining a long-term maintenance reserve. A reserve fund is not a luxury: it is the difference between a planned reroofing and a special assessment.
Insurance valuation mandates
Strata replacement values should be updated regularly by RICS Registered Valuers. Under-insurance is discovered at the worst possible moment.
Smooth manager transitions
Transferring strata records, bank accounts and maintenance contracts without a gap in service. Agree the handover checklist before terminating the outgoing agent.
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