The Caribbean Corporate Governance Institute (“the Institute”) is pleased to announce the appointment of Mr. Ronnie Bissessar as the Chairman of its Board of Directors.
Read more on this article by clicking this link: Media Release CCGI Appoints New Chair
Fazeer Mohammed of TV6 interviews the Chairman of the Caribbean Corporate Governance Institute (CCGI), Dr Axel Kravatzky, and Jean Pousson, Faculty Member of CCGI, on the Strategy & Risk Module of the Certificate in Corporate Governance.
The Caribbean Corporate Governance Institute (CCGI) is calling on Boards of Directors to assess and report on their own performance in the Corporate Annual report.
The CCGI, noting that the content and quality of the annual report is one of most important indicators of “effective corporate governance in both the public and private sectors”, has outlined what it considers to be the main elements for inclusion in the publication. And chief among them, CCGI says, should be evidence that the organization has a strong and effective board.
The organisation is therefore insisting that “All boards should undertake a rigorous, transparent and formal annual evaluation of its own performance and that of its committees and of the individual directors” for publication in the annual report.
CCGI says the annual report should also provide evidence that board members are independently minded and loyal, with the inclusion of an annual disclosure of the selection and appointment process as well as a listing of each independent non-executive director. CCGI reminded that the selection process for directors should be “rigorous and formal and designed to give the Board a balance of independence and diversity of skills, knowledge, experience, perspectives and gender among Directors so that the Board works effectively.”
The Institute recommends that improved disclosure by organisations begin with the publication of a clear outline of the board’s roles and responsibilities, with the Board stating that “it is explicitly taking into account the legitimate interests and expectations of all stakeholders.
There should also be in the Annual Report evidence that there is active co-operation between corporations and stakeholders in creating wealth, employment, and the sustainability of a financially sound enterprise.”
CCGI is further calling on all boards to publish accurate, timely and balanced disclosure of all material matters concerning their company, stating their responsibility towards the integrity of the financial reports.
This, according to the Institute, includes a statement from Directors that the reports comply with applicable financial reporting standards and present a true and fair view of the financial affairs of the company.”
Barbadians can benefit from the CCGI in the upcoming board certification workshop November 11 and 12 at the Hilton Hotel.
CCGI programmes combine deep local knowledge with global benchmark standards. CPD credits are awarded to the CCGI programmes by the Institute of Chartered Secretaries (ICSA), and Institute of Chartered Auditors of Barbados (ICAB).
Further information, membership and event registration and payments go to www.caribbeangovernance.org
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Bridgetown - Caribbean corporate executives are being urged to update their knowledge of financial risks, solvency, bankruptcy laws and regulations.
This advice is coming from the Caribbean Corporate Governance Institute (CCGI).
In a presentation outlining what every director needs to understand about their company making a profit and being able to meet its financial obligations, the CCGI noted that there have been many changes within solvency and bankruptcy laws and regulations, particularly in Trinidad and Tobago. While noting the importance of being aware of the laws within the home country, CCGI says it is also prudent to know the bankruptcy laws and regulations in countries where customers and suppliers are located.
“It is no longer sufficient for a director to simply ask – ‘what’s the bottom line – are we making a profit or not,’ without exception, every director needs to understand the nature of financial risks for the company,” said Dr Axel Kravatzky, Chairman of CCGI.
Speaking directly to the role of company directors, Dr Kravatzky warned: “Do not abdicate your fiduciary duty as a director and rely blindly on the other board members to carry out financial assessments.”
Insisting that “Every Director needs to understand financial statements”, executives were encouraged to make regular use of financial ratios and know how to make basic analyses and interpretations.
According to Dr Kravatzky, “Board Directors need to understand the ratios of their own organizations and those of their creditors.”
With respect to financial risks, he said, “The board as a whole needs to determine the areas of risk and financial management that are significant and establish policies. In addition, risk appetite and tolerance thresholds should be determined by the board” and recognition must be given to the fact that “different stakeholders will have different perspectives on risk”.
As such, CCGI warned companies against looking at issues from only one dimension and suggested an examination of risks from the perspective of solvency risk, liquidity risk and profitability risk.
Directors were also encouraged to consider the impact of capital leverage and be aware of how much the risks of potential insolvency vary according to the proportion of capital raised in debt or equity.
The Caribbean Corporate Governance Institute calls for adoption of Corporate Governance in Budget
Port of Spain (Trinidad & Tobago) The Caribbean Corporate Governance Institute (CCGI) is calling on the Minister of Finance, Mr Colm Imbert to make it mandatory for all State-Owned Enterprises (SOEs) to apply the principles of the Trinidad & Tobago Corporate Governance Code (TTCGC) and to report to the public how they have done this.
In November 2013 the CCGI together with its two partners, 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. Adopting the code as the reference standard for corporate governance would be consistent with the recommendation by the Organization for Economic Cooperation and Development (OECD) in its 2015 Edition of the OECD Guidelines on Corporate Governance of State-Owned Enterprises.
The CCGI therefore urges the new Minister of Finance, Corporate Sole, to add one line to the Budget and 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 in Jamaica the public sector will lead the private sector in terms of 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
Chartered Director Programme courses are highly inter-active: Dr Terrence Farrell, former Deputy Governor of the Central Bank of T&T and Director of Republic Bank, Paula Rajkumarsingh, CFO Massy Holding, and Anand Pascal (President, Guardian Life of the Caribbean)
The Caribbean Corporate Governance Institute (CCGI) will host workshops for senior managers and directors at the Hilton Barbados Hotel, July 14 &15. The workshops are designed to help executives navigate the corporate governance landscape to effectively guide their organisations for the benefit of shareholders, the business and society. Persons attending will begin the process toward attaining the Chartered Director Designation.
Until a year ago directors in the Caribbean had to travel to the UK, South Africa, or Canada to attain this designation. In July 2014, CCGI started the first regional cohort in its classic three-step programme that leads to this prestigious qualification.
CCGI is the regional independent non-profit membership organization for all professionals and stakeholders involved in Corporate Governance. CCGI was registered in 2012 in Trinidad & Tobago, and at presents its directors are resident in Barbados, BVI, Jamaica, St Lucia, and Trinidad & Tobago. CCGI currently has over 160 members and is the awarding body that is the custodian of Chartered Director qualification in the Caribbean.
Chairman of the CCGI Axel Kravatzky, said that there are a number of issues facing Caribbean businesses that make it incumbent on companies to have directors that are not only competent in business but are also cognizant of the legal and discretionary activities that companies should engage in to be good corporate citizens. “CCGI is not a watchdog organization but what we do is to help advance the debate on sustainable business practices,” Kravatzky said.
According to Kravatzky, being a chartered director enhances the career prospects of executive, non-executive directors, corporate secretaries as well as other senior officers of companies. “Chartered directors have a dramatic and positive effect on the success of the organization and we are excited at the prospect of transforming the Caribbean business landscape with the help of our distinguished faculty, “said Kravatzky.
Alison Kibirige is the lead faculty of the Barbados workshop. Kibirige was the Secretary to the main Boards of Unilever and Barclays in London. She is a Fellow of ICSA, and was awarded the 2013 ICSA President’s Medal for Meritorious Service as well as the inaugural ICSA Company Secretary of the Year award in 2005. Kibirige will ensure that local participants are well on their way to gaining the requisite knowledge (Step1, the Certificate in Corporate Governance), the requisite skills (the Diploma in Corporate Governance) and the requisite practical leadership experience in the Corporate Governance field (Step 3 the assessment of a portfolio of work).
CCGI programmes combine deep local knowledge with global benchmark standards. The Accreditation Council of Trinidad & Tobago has inspected the programme and an announcement regarding registration is expected shortly. The Institute of Chartered Secretaries (ICSA), and Institute of Chartered Auditors of Barbados (ICAB) have reviewed the programme and are awarding 6CPD credits per day for its members.
Further information, membership and event registration and payments can be done online at www.caribbeangovernance.org.
Barbados, April 16, 2015 - Organizations in Barbados will for the first time have the opportunity to receive in depth, interactive training on effective board operation tactics. Directors, Corporate Secretaries, Consultants and committee members of the country’s leading private and public sector organizations will be able to gain authentic and relevant knowledge and training from internationally acclaimed governance experts.
From May 4 - 7 , 2015 at the Radisson Hotel, St. Michael’s, the Caribbean Corporate Governance Institute (CCGI) will host for its gold standard series of trainings in their Certificate in Corporate Governance. This innovative program is the only regional program comparable to the globally renowned Institute of Directors Chartered Directors Program. The Certificate is the first step towards the Chartered Director qualification and encompasses the core knowledge and awareness that is necessary to function effectively as a director including board roles and responsibilities, financial management and risk management.
With the Barbados Stock Exchange holding their upcoming Corporate Governance Conference in September 2015, these workshops will complement the regional approach to promoting good governance standards across the region.The course is open to all persons who are interested in learning in being trained Corporate Governance issues. Lead facilitator at the workshop will be Alison Kibirige
Workshop Costs (includes Lunch and Coffee Breaks):
Members - US $700
Members - US $1400
The Caribbean Corporate Governance Institute (CCGI) is the first and only non-profit membership organization dedicated to advancing principles of corporate governance across the Caribbean. CCGI provides world-class training, professional development, regional corporate governance standard development and networking for Directors and Senior Executives.
For further information contact:
Tamaisha Eytle| Caribbean Corporate Governance Institute
#14 Alcazar Street
Port of Spain, Trinidad & Tobago
First Floor, Chamber Building, Columbus Circle, Westmoorings Trinidad and Tobago