The role of professional independent directors in the alternative investment funds industry in the Cayman Islands has greatly evolved over the past 20 years. The demand by both regulators and investors for better governance and increased independent oversight over the management and administration of investment funds has been driven by high-profile fraud cases, as well as key changes in U.S. and global economic cycles. In a two-part guest series, Sabrina Foster, independent director and GC with Athena International Management, explains how to establish a best-in-class governance framework for Cayman funds. This second article analyzes board meetings, service provider reports and board self-assessments. The first article explored board selection and composition, as well as on‑boarding directors. See “Corporate Governance Best Practices for Cayman Islands Hedge Funds” (Jan. 19, 2012).