The 'Wal-Mart Model' of governance - Cayman directors sit on hundreds of boards

A small group of Cayman Islands "jumbo directors" are sitting on the boards of hundreds of hedge funds as demand for independent director's booms in the Caribbean tax haven.

At least four individuals hold more than 100 non-executive directorships each, and 14 have more than 70 - each worth as much as $30,000 a year.

One has been listed as on the boards of 567 Cayman entities, almost all of which were hedge funds ... READ MORE

Released by the Financial Times - November 2011

[Editorial commentary 70 appointments at $30,000 equates to $2.1 million per year.]