Administration Of The Trust

Trustees are required to keep proper records and accounts of all trust assets and their dealings with the property of the trust including expenditures, distributions, income and investment performance of the assets. As a matter of proper administrative practice, all substantive trustee decisions or business decisions taken at the trustee level are approved and recorded in trustee minutes.

It is normal practice for Codan Trust to hold at least one formal trustee meeting each year in order to review and consider the accounts, the affairs of the trust and the financial position of the trust as a whole.

Trustees are required to ensure that they are properly informed as to the value of the trust assets and the nature of the business activities of any corporate entities held by them. Successor trustees are also impressed with a duty to review the history of the trust's assets and examine the accounts and other trust records in order to satisfy themselves that no prior breach of trust has occurred.

Where the trust assets are being re-invested on a regular basis, Codan Trust will often recommend that a professional investment adviser or manager be appointed to provide investment advice or management with respect to the trusts assets. Codan Trust has long standing relationships with many well-established international investment managers.

Codan Trust has the capability to produce financial statements on an annual basis through its team of in-house accountants, or through an outside accounting firm after proper consultation either with the settlor or principal beneficiaries of the trust.