Formal commitment to enforceable standards key to
good corporate governance
Port of Spain (Trinidad & Tobago) The Caribbean Corporate Governance Institute (CCGI), on behalf of its membership, congratulates Dr., The Honourable Keith Rowley on his appointment as the new Prime Minister of Trinidad & Tobago. The CCGI also extend best wishes to the Attorney General, Mr. Faris Al-Rawi, the Minister of Finance, Mr Colm Imbert and the other members Members of the Cabinet recently sworn in.
The Institute welcomes the Government's commitment to introduce formal measures to assure good governance and looks forward to supporting this effort in the corporate governance domain. Says Dr Axel Kravatzky, Chairman of the CCGI: “We note and applaud the new Prime Minister’s declaration that integrity and morality are of the utmost importance for his incoming Government and that Dr Rowley commits his Government to ‘good, honest, equitable, and transparent governance’ ”.
As stated in the PNM’s election manifesto, this Government has already identified some of the necessary policies and programmes to rebuild the country and its economy, and to restore confidence, equity and social justice. There are two key pledges made on governance by the new Prime Minister, prior to his election, that the regional Institute highlights. The first is that the approach to governance will be data based, scientific, holistic and evidence driven, paying due attention at all times for the need to respect the rights and freedoms of all citizens. The second is the commitment to restore integrity and morality in public affairs by enforcing a Code of Ethical Conduct for Members of Parliament, with sanctions and penalties for non-compliance following the guidelines published by the Commonwealth Parliamentary Association.
The CCGI strongly supports the pledge to formally commit to a set of values and standards of behaviour together with an explicit mechanism for enforcement, as such an approach is also recommended in the sphere of corporate governance.
The November 2013 the CCGI together with its two partners, namely, the T&T Chamber of Industry and Commerce and the T&T Stock Exchange published the Trinidad and Tobago Corporate Governance Code (TTCGC). The TTCGC applies to all corporate bodies with public accountability. The CCGI is, like the Commonwealth Parliamentary Association, a regional, politically neutral, independent, and professional body for all corporate governance stakeholders to come together, develop, and agree on standards that are appropriate for the region and its individual countries.
The CCGI urges the new Minister of Finance, Corporate Sole, to mandate that all State-Owned Enterprises to adopt the TTCGC as its reference standard and to ensure that all persons appointed to public boards have at least a basic certified foundation in corporate governance. In the case of Jamaica, similar plans are currently under active development. Says Dennis Brown, CCGI director based in Jamaica: “if the current plans for the public bodies are implemented, it could well be that the public sector will lead the private sector in terms of good corporate governance.”
The CCGI looks forward to partnering with the Government, as it has done with the previous Administration, and supporting its effort to efficiently produce the best possible outcomes for its citizens through good corporate governance.
About the CCGI:
The CCGI is a regional, independent, non-profit, professional membership organization registered with the Accreditation Council of T&T. CCGI is the award body that provides the Certificate and Diploma in Corporate Governance and the Chartered Director qualification throughout the Caribbean. CCGI welcomes membership applications and participation in its courses and events throughout the region. www.caribbeangovernance.org