Written by Rani Lakhan-Narace
Famous for its literary luminaries such as Derek Walcott and V.S. Naipaul and world renowned athletes like Brian Lara and Usain Bolt, the Caribbean is an international power-house of talent and potential. With a population of over 40 million, a strategic geographical location, and stable political climate, it has in the past been a magnet for foreign investment.
However, over recent years, with the advent of globalization and other emerging markets and the financial crisis, the region has seen a lot of pressure on their small economies leaving both the private and state sectors no alternative but to focus on diversification, competitiveness and the development of new and stronger markets.
In order to continue to attract foreign investors, and build strategic alliances, the Caribbean must quickly respond to the escalating attention on Corporate Governance as a prerequisite for those relationships to prosper. From Enron, to Lehman Brothers, to CLICO, Board of Directors are being held increasingly accountable for responsible leadership; and are under constant scrutiny by all stakeholders. More than ever, it is essential that Directors and Senior Executives have the relevant knowledge and capacity to perform effectively in this new environment.
Currently, the level of Corporate Governance disclosure in the Caribbean does not meet international best practice compared to other emerging markets and as such there is an urgent need to provide capacity building and training to Directors and Officers of both private and public sectors. To this end, the Caribbean Corporate Governance Institute (CCGI) was formed and for the last three years, it has been working assiduously to fill this key gap in the region.
The Institute has successfully developed a world class program, with an internationally recognized faculty, that focuses on strengthening Corporate Governance Leadership through Master Classes, and the Chartered Director Program.
Additionally, the CCGI, as a membership organization with a current presence in Trinidad and Tobago, Barbados, Jamaica, St. Lucia, British Virgin Islands, provides forums for networking as well as for discussions and education on the latest issues that impact the business environment.
Significance of Being a Chartered Director:
Achieving the qualification of Chartered Director, means that a Director or Executive has demonstrated an internationally accepted level of competence in the key areas of Governance, Finance, Strategy and Leadership as it pertains to Board performance. The program provides an integrated system of learning which combines practical skills, knowledge and experience in a recognized and coherent framework which ensures that participants are also kept up to date on strategic issues and changes that affect organizations.
As such, the Chartered Director is equipped to make a valuable contribution to any Board through a breadth of knowledge and experience that will increase the quality of stewardship that is being demanded of Boards in today’s dynamic landscape.
The Chartered Director Program Structure:
This program has been developed under the direction of CCGI’s, Director of Education, Dr. Chis Pierce who works with policy makers, directors and Boards in Europe, the Middle East, Asia, Africa, the United States and South America. He was the Director of Professional Standards and Professional Development at the Institute of Directors in the United Kingdom.
To achieve Chartered Director status, one must complete the Certificate Program, the Diploma Program and the Final Chartered Director designation process. This in depth process ensures that Directors not only acquire the knowledge, but are able to put it into practice and be tested on such knowledge. Furthermore, Directors are taken through a peer-review process which allows a level of accountability within the local context. The Institute understands the busy schedules of its target audience, and as such designed a program that integrates a flexible schedule and learning modules including both in-person and online learning. The diagram below demonstrates the progressive process to achieve Chartered Director status. It begins with a Certificate Programme followed by a Diploma and Chartered Director Programme. At each stage there is a final assignment and examination process.
The Certificate Programme is a carousel style certification and consists of four parts which can be taken in any order:
2. Diploma Program
Part 1 - Corporate Governance
Part 2 - The Board
Part 3 - Strategy & risk
Part 4 - Corporate Reporting
3. Chartered Director
- Two Workshops
- Followed by an assignment and an examination
Requires Completion of Evidence-based assignment on Leadership at Board level.
So whether you are currently a Director, or aspiring to be one, or an Officer such as Corporate Secretary, COO or CFO in the public sector, private sector or family business, this program can certainly and progressively increase your effectiveness in your particular role. In so doing, it will not only expand your competencies but also magnify your eligibility and credibility for other Board opportunities.
The Chartered Director Program can move you, your Board and your organization from “Good to Great…..” and by doing so, contribute to stronger firms, stronger markets, and stronger economies.
For more information about the Caribbean Corporate Governance Institute (CCGI) please contact:
Caribbean Corporate Governance Institute
#14 Alcazar Street Port of Spain, Trinidad & Tobago