A Message from the Chairman of the CCGI Nigel Romano
THE 2024 CORPORATE GOVERNANCE CODE The 2024 Trinidad and Tobago Corporate Governance Code marks the culmination of dedicated efforts and collaboration that began in January 2023 when we appointed a working committee to begin updating the 2013 Code.The 2024 Code builds upon the foundation laid by the original governance code, and represents an important step forward in strengthening governance practices across Trinidad and Tobago. Corporate governance codes are intended to be voluntary frameworks. They are not legally binding, but they provide invaluable guidance to organizations as they develop policies and practices to better achieve their purpose aligned with their core values as they strive to create value for their stakeholders while capturing enough of that value to sustain their operations and grow. It is our expectation that boards across Trinidad and Tobago will take the time to consider the principles in the code and use them to develop and implement their governance strategies. An essential aspect of the Code is the 'comply or explain' principle, which acknowledges the flexibility afforded to companies that choose to adopt the code. While adherence to the Code is not mandatory, we encourage transparency; if a company finds it necessary to deviate from any of the guidelines, we ask that they provide clear and thoughtful explanations for their decisions. This approach allows each organization to operate in a way that best suits its unique circumstances while upholding the principles of good governance. Although it is considered best practice to revise governance codes every three years, this update has been a long time coming. I am grateful that we have completed the first revision as a result of the tireless efforts and unwavering commitment of our partners and stakeholders. I would like to thank our partners in this project since inception in 2013 for their continued support: The Trinidad and Tobago Stock Exchange the Trinidad and Tobago Chamber of Industry and Commerce. We are also indebted to the chairman of the working committee, Mr. Ronnie Bissessar, SC and the fourteen members. Ronnie, as a founding member and former chair of the CCGI, your leadership and wise counsel have guided us throughout this process. Thank you for your vision and steadfast support. To Ronnie and the 14 members of our working committee, you gave of your time and talent voluntarily and I thank you all for your professionalism and unwavering commitment. Your dedication to ensuring that this Code truly reflects best practices has been inspiring, and it is through your collective effort that we have been able to reach this important milestone. Thank you for your tireless work and your belief in the importance of good governance for the betterment of our society. I am also grateful that as a result of the consultation process during the early months of this year, the revised Code takes into account the views of many of our stakeholders in Trinidad and Tobago. As a token of our gratitude, I am pleased to share that the members of the Working and Steering Committees will be presented today with an autographed copy of 'The Corporate Revolutionary: Mervyn King's Life in Law, Business and Governance.' This book is hot off the press, as it was only published last month. It details the life of one of the world’s foremost thought leaders in governance, Professor Mervyn King, and serves as an inspiration and a reminder of the power of principled leadership. Copies were autographed for each of you by Professor King himself and shipped from South Africa, a small gesture of our appreciation for your hard work. CCGI’S WORK The CCGI continues to play a pivotal role in promoting good governance practices across the region. Through education, networking, and collaboration, the Institute has been at the forefront of efforts to elevate corporate governance standards, ensuring that companies are well-equipped with up to date knowledge to navigate challenges and build sustainable futures. We have been providing essential training on core issues in governance, building awareness on evolving concerns through exciting panel discussions and conferences; including our signature event, Governance Week and the annual global conference on Corporate Governance. We are a non-profit, membership organisation and would not be here today without the support of our members, who come from countries across the region. At present, the majority are from Trinidad and Tobago, but we also have members from Barbados, Belize, Jamaica, Guyana, Grenada, St Vincent and the Grenadines, St Lucia, St Maarten and The British Virgin Islands. Thank you! Particularly those organizations that hold bundle memberships with us, and who support our events through sponsorship from time to time. Your continued partnership and commitment continues to be crucial to achievement of our purpose and realization of our current mission. At present, 22 organisations pay for membership of their boards and senior executives separated into Gold, Silver and Bronze in which organisations pay for 12, 9 or 6 members respectively. Seven gold members: Republic Bank, Scotia Bank, First Citizens Bank, JMMB Group Ltd, Colonial Life Insurance Company Ltd (CLICO) and the PSCU Credit Union in Trinidad and Tobago. Five Silver members: Angostura Ltd, Trident Trust BVI Ltd, Massy Machinery, Bliss Safety Store and Republic Bank’s Eastern Caribbean directors. Ten bronze members: Guardian Holdings, Barbados Stock Exchange, Beacon Insurance, Massy Holdings, PwC, Ansa McAL, the National Entrepreneurship Development Company (NEDCO), Aegis Business Solutions, TOSL Engineering, and G. A. Roe and Sons from Belize. We also have one non-profit organisational member: the Human Resource Management Association of Trinidad and Tobago (HRMATT) and we continue to grow. The memberships of three organisations are currently being processed: The Civil Aviation Authority of Trinidad and Tobago, UNIPETT and the Guyana National Shipping Company. I also want to acknowledge and thank our longest serving members, who have been with us since inception in 2013: Guardian Holdings Limited, the Barbados Stock Exchange and Beacon Insurance Company Ltd. CONCLUSION As we move forward, our aim is not just to launch a document today, but to inspire change and action. We want this Code to be a living, breathing document that helps organizations across Trinidad and Tobago to enhance their governance practices. We believe that by embracing these principles, companies can become more successful and contribute to the sustainable growth of our economy and society as a whole. Let's work to make corporate governance in Trinidad and Tobago world class as we aspire to greatness. Nigel Romano Chairman Caribbean Corporate Governance Institute |
