The Miller Commission

As with all financial centres, Cayman has encountered some financial difficulties as a result of the global recession. Government expenses had been growing faster than revenues – a situation that the newly elected Premier McKeeva Bush has committed to address. Thus, the government of the Cayman Islands has agreed with the British Foreign and Commonwealth Office to appoint an independent commission to undertake a professional assessment of the options for and the impact of changes in revenue sources, as well as changes in spending and regulations to improve the fiscal and economic health of the Cayman Islands.
 
Cayman has been very fortunate to be able to acquire the services of James Miller, to serve as chairman of the Commission. Mr Miller has excellent credentials and an outstanding reputation for integrity and technical competence. Mr Miller was the director (1985-1988) of the US Office of Management and Budget (OMB), a member of President Reagan’s Cabinet and a member of the National Security Council. As director of OMB, he was the chief budget officer of the United States and was the first man ever to manage a budget of greater than one trillion dollars. Mr Miller has received many well deserved accolades and awards for his service as OMB Director, in part, because under his watch US government spending as per cent of GDP was substantially reduced, government revenues increased and the deficit dropped by about 40 per cent (as a percent of GDP).
 
Previously, Mr Miller had served as chairman of the US Federal Trade Commission where he was instrumental in reforming an agency whose methodology, approaches and philosophy had become outdated and often counterproductive. He has held many other high-level government positions and served as a professor of economics at several schools. Mr Miller has served as member of the board of directors of companies and investment fund organisations and as chairman of the CapAnalysis Group. He currently serves as a Senior Fellow of the Hoover Institution and a Distinguished Fellow of the Center for the Study of Public Choice at George Mason University. He also serves as a member of the Board of Governors of the US Postal Service, as well as on the board of directors of several private companies.
 
Mr Miller is the author of many books on regulatory and government reform and dozens of publications in prestigious journals. He holds a PhD in economics from the University of Virginia.
Mr David Shaw served as a Member of Parliament of the United Kingdom for ten years, and serves as a member of the Miller Commission from the UK. As a Member of Parliament, Mr Shaw was involved in the Committees that covered finance, smaller business, local government, social security and pensions regulation. He was the UK parliament representative to the European Parliament committee meetings on single market and financial services regulation.
 
Mr Shaw is chairman of the Sabrelance Group, a UK-regulated corporate financial advisory firm. He has served as a non-executive director of a number of London Stock Exchange quoted companies, including a significant media company, and as a non-executive director of several other companies including a US-European Business Association. Earlier, Mr Shaw was a manager at PriceWaterhouseCoopers. He is a specialist in corporate and government finance and remains actively involved in various civic activities in the UK and Europe. He is a Fellow of the Institute of Chartered Accountants of England and Wales.
 
The Honorable Kenneth Jefferson, the financial secretary of the Cayman Islands, serves as the Member of the Miller Commission from the Cayman Islands. Mr Jefferson previously worked in public accounting in both Cayman and London for PriceWaterhouseCoopers and Ernst & Young. He earned his professional qualifications from the Institute of Chartered Accountants in England and Wales.
 
These three members of the Commission will be drawing on outside experts in taxation, fiscal management and regulation to provide assistance in their analysis of the options before Cayman and in the preparation of the report. They will also be interviewing and taking recommendations from government officials, private organisations and experts within Cayman. Their ultimate goal will be to present a plan, with options, as to how Cayman can place itself on a secure long-term financial footing, while at the same time enhancing the ability of the financial and tourism sectors to grow and prosper.
 
The Commission will be making a preliminary report to the Premier and the Cabinet at the end of this year and will submit a final report early in the first quarter of 2010.

Miller2006SM