The T&T Corporate Governance Code 2013 (TTCGC 2013)

The Corporate Governance Code Project is a partnership between:

Trinidad & Tobago Chamber of Industry & Commerce
The Trinidad & Tobago Stock Exchange Limited
Caribbean Corporate Governance Institute, as the Secretariat

The T&T Corporate Governance Code is intended for all companies with public accountability for voluntary adoption under an “apply or explain” basis.

An entity has public accountability, under the IASB's definition, if it files, or is in the process of filing, its financial statements with a securities commission or other regulatory organization for the purpose of issuing any class of instruments in a public market; or it holds assets in a fiduciary capacity for a broad group of outsiders.

The T&T Corporate Governance Code was developed through a Working Group, tasked to achieve the following:

Objectives:

1.    Enhance Business Governance and Performance
2.    Strengthen Transparency and Efficiency in the Market
3.    Improve the Investment Culture

Key Success Measures

1.    Appropriateness for Local Markets

The Code must address challenges and market conditions unique to the local context. It is critical that companies find solutions and Recommendations that are relatable and relevant.

2.    Consistent With International Standards

The Code should draw on, and embody, internationally accepted principles and best practices on corporate governance. It should not conflict directly with any international standards. However actual Recommendations may be tailored to meet other priorities of the Code.

3.    High Adoption Rate

A primary indicator of success is the adoption rate of the Code amongst companies, regulators or associations. This includes adoption of Recommendations by companies with public accountability or reference and acknowledgement of the Code as standard best practice by regulatory authorities and associations.

To achieve this:

• The Code should be easy to understand.
• It should provide Recommendations and Guidance for good governance that take into consideration the balance between costs and benefits of implementation.
• Most importantly, adoption of the Code needs to be seen as a value-adding pursuit with opportunities for recognition and clear benefits for their company.

4.    Increased Awareness of Corporate Governance

The development and publication of a national Code on Corporate Governance will seek to increase awareness and respect for effective governance in organizations.

This may be achieved through:

• A comprehensive and inclusive public consultation process so as to bridge the divide between companies of different sizes and ownership structures.
• The spirit of the Code should resonate across sectors beyond the initial pool of companies whom the Code initially targets.    
  
  

For more information on the Code , please contact:        
   
    TTCGC Secretariat
    The Caribbean Corporate Governance Institute        
    14 Alcazar Street, Port of Spain, Trinidad        
    T: +1 868 221 8707
    F:+1868 335 5306
    E: code@caribbeangovernance.org