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Caribbean Governance Blog

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  • 21 Jun 2021 2:40 PM | Kamla Rampersad - de Silva (Administrator)

    Long before the western world adopted ESG as a buzzword in corporate Governance, Professor Mervyn King and his counterparts in South Africa had embraced and develop principles and frameworks for embracing practices that went beyond the financial bottom line.

    The King I report, produced in 1994, a mere two years after the publication of the seminal work by Sir Adrian Cadbury and his team in 1992, highlighted effective and ethical leadership, sustainability in terms of economic, social and environmental performance; and good corporate citizenship as the key elements which should guide directors in fulfilling their oversight role. Like other Codes of Corporate Governance, the King Reports are not mandatory by law, but are principles which are adopted by the Johannesburg Stock Exchange for all companies on an ‘apply and explain’ basis.

    The first Code was produced for South Africa at a historic point in the country’s development as it was transitioning out of the apartheid system. Prof King, Senior Council and retired Judge of South Africa’s Supreme Court was asked to lead this task, and so his leadership saw his team develop a Code which has since seen three revisions deemed King II, King III and King IV.

    The Institute of Directors for South Africa described the key principles from the first King report as having covered: Board of directors makeup and mandate, including the role of non-executive directors and guidance on the categories of people who should make up the non-executive directors. It also addressed appointments to the board and guidance on the maximum term for executive directors; and a determination and disclosure of executive and non-executive director’s remuneration. King I also spoke to: Board meeting frequency, Balanced annual reporting, The requirement for effective auditing, Affirmative action programs and the company’s code of ethics.

    The revision in 2002 produced King II which embraced several key principles including Directors and their responsibility; Risk management; Internal audit and continued to have a focus on Integrated sustainability reporting, and Accounting and auditing (Institute of Directors for South Africa 2012). The focus on integrated sustainability reporting was highlighted in a separate chapter which led to companies providing a separate section in their report to address this issue.

    Looking back at the Second version of the Code, Prof Mervyn King told the authors of The A to Z of Corporate Social Responsibility that, in hindsight, the King II report should not have included sustainability as a separate chapter as it seemed to have sent the wrong message to companies. And so, in the third version of the Code, King III published in 2009, the report ensures that it integrated governance, strategy and sustainability to be included in companies’ Annual Reports.

    The King III report also embraced emerging global governance trends such as: Alternative dispute resolution; Risk-based internal audit; Shareholder approval of non-executive directors’ remuneration; and Evaluation of board and directors’ performance.

    Foresight can also be found in the King III report, which long before the pandemic and the focus on business continuity, the King Committee had incorporated a number of new principles relating to: IT governance; Business Rescue; and also, the Fundamental and affected transactions in terms of director’s responsibilities during mergers, acquisitions and amalgamations.

    King IV, published in 2016 was the result of the request of a variety of organisations for the King Code to be applicable directly to their organisation irrespective of whether it was a private company, a listed public company or a not-for-profit organisation.

  • 22 Jan 2021 3:09 PM | Anonymous

    Dear Sasha,

    The Board of Directors of the CCGI was apprised of your resignation at the board meeting yesterday. 


    Therefore, on behalf of the board, I would like to acknowledge your contributions since your appointment at the 4th AGM on September 18, 2017 and appreciate all that you have done for the Institute during your directorship.  The time that you have volunteered into shaping governance in the Caribbean is much appreciated and valued. 


    It was a pleasure to have worked with you, and we would welcome you wholeheartedly to future events.


    Our hope is that you may see this time you have served as well spent and that you may continue to support the efforts of the CCGI and similar institutions with the common goal of making the Caribbean a better, more equitable, wealthier region. 


    We wish you all the best moving forward,


    Warmest regards



    Kamla Rampersad de Silva

    CEO, Caribbean Corporate Governance Institute 

  • 22 Mar 2020 12:30 PM | Anonymous

    The Governance Response to Covid-19

    By Kamla Rampersad de Silva

    Chief Executive Officer of the Caribbean Corporate Governance Institute

    “Let us be calm, cool, think about each other and work with each other as we engage Covid-19 and the disruption it has brought to our lives,” This was the message from the chairman of the Caribbean Corporate Governance Institute (CCGI) Mr. Nigel Romano to directors and senior managers across the region when the CCGI held its first online session entitled “The Governance Response to Covid-19” on Thursday March 19th, 2020. “I was in Hong Kong during SARS” he said, “we will get through this and we will come out even better.”

    This was echoed by Michael Annisette, President General of the SWWTU and the Secretary General of NATUC, in the session. Mr. Annisette was one of several panellists who participated in the online discussion.  Other members of the panel included CCGI Director and CEO of the Barbados Stock Exchange, Mr. Marlon Yarde; CCGI Director, CEO of Metro Office and Computer Supplies in Guyana, and Board Member of the Rotary Club of Georgetown Central, Ms. Avia Lindie; and Senior Vice President for People and Culture at Massy, Ms. Julie Avey.

    One of the challenges Mr. Annisette had to address recently was a situation where some workers felt that there should be a complete shut down of the entire country.  This feeling, he said, was triggered by the circulation of a lot of fake news and misinformation.  “Sense prevailed when we presented workers with the scenario of what would happen if police were sent home along with all doctors and nurses and other essential workers. What is needed,” he said, “is the leadership to protect those groups of workers and to let them know that they are valued for what they do and that we have their interests at heart.  We need to assure then that we will do all we can to put the proper protocols in to place to ensure that you, and by extension your families, are properly taken care of.”

    He was confident, he said, that “if we took that collective approach, we would have the ability to get there.”  The former independent senator noted that there is no one response since each company has to determine what is best.  He added that quite apart from the health workers, there is need to protect the health and safety of port workers, who have to remain on the job to clear containers for suppliers; supermarket workers and bus drivers, who are all still on the job.  He cautioned that boards and management teams should not be focused on any kind of disciplinary action at this time.

    An important point made by CCGI Chairman Mr. Romano, was the need for transparency within companies because he said, “bad news does not age well and so efforts must he made to ensure proper communication with all stakeholders.” He also noted that there is a silver lining in terms of environmental impact, as there has been a reduction in carbon emission due to less flying, and factories closing down.

    The unprecedented nature of the situation was underscored by Marlon Yarde.  Speaking from his office in Barbados he noted that no one is an expert in dealing with a pandemic such as Covid-19, but that everyone has had to develop expertise as quickly as possible.  He reminded participants that governance requires that boards maintain a bird’s eye view of their organisations to provide oversight.  “The board does not get involved in management and make day to day operational decisions,” he emphasised.

    As Mr Yarde explained, the health and safety of workers and customers need to be considered as well as financial impact and liquidity. “As a result, a crisis management plan needs to be in place with contingency arrangements with cross functional teams at the ready.”  And while he did not say it, the message was clear, no one can be considered to be indispensable because the virus does not discriminate and any member of the team can contract it if exposed.

    He also reminded listed companies of public disclosure requirements that must be met to fulfil regulatory obligations. He noted that requests for extensions to regulatory authorities must be accompanied by an explanation.

    Another point made by Mr. Yarde was the holding of Annual Meetings for organisations and especially listed companies. The CCGI held its annual meeting on March 6th, 2020 and a new board successfully installed. However, many other organisations have had to postpone AGMs. Given the unpredictability of Covid-19, Mr. Yarde said boards are in an unprecedented position to determine how to ensure compliance with their rules and regulations while still observing social distancing protocols, or in some cases, the self-isolation required of members.  Mr. Yarde explained that listed companies may require amendment of their bye laws and any such changes must meet the requirements of their respective stock exchange.

    Julie Avey of Massy said that her board and management team was dealing with the situation by first recognising that there was no right answer. “The managers have to do the things that they deem best at the time that they believe it’s right.  So they are being empowered to act with responsibility and alacrity and put employees and customers at the forefront,” she said.  Currently the Massy board is looking at responsible decision-making protocols and budget amendments to support the new way of doing things.

    “There will be mistakes but we are relying on our values to take us through,” she said. “Even in the scenario planning no one had predicted this, so perfection is not expected but everyone is encouraged to keep going.  The stress and anxiety are real.  Some of our most senior leaders who have gotten to these positions through having the right answer and knowing what to do all of the time may need the most support because the situation is unprecedented.”

    Across in Guyana, with official results of the March 2nd, 2020 General Election still to be pronounced, the sitting government gazetted new powers to some of its Ministers to “restrain, segregate and isolate”, to deal with the Covid-19 threat.  This was shared by Avia Lindie.  She added that measures include no congregating of more than 10 persons as businesses seek to ensure business continuity. Like Trinidad and Tobago, the Guyanese borders have been closed except for cargo and emergency situations and all schools have been closed for the next few weeks.  Lindie explained that not having a government in place and not having budgets mean that the situation is exacerbated but prayed that good sense will prevail, and that these situations will be resolved soon.

    Dr Terrence Farrell who was online for the session stated, “all the countries of the region are going into a kind of complete stop with movement of persons in or out of the borders and so all economies are going into a kind of maintenance mode, which translates to a decline in economic activity. Persons who are living from pay check to pay check will be severely affected and so the measures taken in Trinidad & Tobago by the banking system are welcomed.”

    The former Deputy Governor of the Central Bank of Trinidad and Tobago who was asked his opinion on containment efforts so far, applauded the Trinidad and Tobago government on actions to date. “As the virus unfolds”, he added, “no one is certain as to how long it may last. The suppression strategy is the right strategy, but the economic impact can be pretty long. And the longer it goes on, the more difficult it will be to sustain.” He also reminded the regional participants that we don’t have the capacity to give cheques to citizens like the US and that any fiscal stimulus will run into foreign exchange barriers. Ms. Lisa Mohammed, Deputy CEO of TOSL explained that her company was also doing all it could to facilitate the needs of workers and have limited customers access to their offices. Ms Antonia Ferrer, consultant, stated that following the WHO guidelines would help in ensuring that the right protocols are followed and would work best for companies.

    As boards grapple with this new situation, it is clearly a time when new policies and procedures need to be put in to place, and we need to do it together in order to ensure that we prevail in this fight against Covid-19.

  • 29 Jun 2016 8:06 AM | Anonymous

    Chairman of the Caribbean Corporate Governance Institute (CCGI), Dr Axel Kravatzky, and Richard Frederick, Advisor on Good Governance, are interviewed by Fazeer Mohammed of TV6 on Corporate Governance of State Owned Enterprises in Trinidad & Tobago.

    CCGI partnered with the Embassy of the United States of America in this initiative and is grateful for the Embassy's financial and project support which made this visit of Richard Frederick to Trinidad & Tobago possible.

  • 22 Dec 2015 9:31 AM | Denise Deonarine
    The Caribbean Corporate Governance Institute ("the Institute") was pleased to have the opportunity to support the PSOJ by engaging in a Consultative Review of the Draft PSOJ Corporate Governance Code.

    In keeping with our pledge to keep our membership informed and to advance the principles of good corporate governance, we are happy to share our contribution that  was respectfully submitted to the PSOJ. We encourage their efforts and look forward to working with the PSOJ. Click here to read more at: 2015  PSOJ Code Review.pdf

    We wish to thank the PSOJ for this opportunity and the members of the Institute that contributed to this review. 

    If you are not a member, please step up and sign up by clicking our membership tab. We'd be happy to foster your drive to made a difference. 

  • 19 Nov 2015 11:00 PM | Administrator

    The Caribbean Corporate Governance Institute (“CCGI”) opened its arms to embrace a community that is passionate about improving regional standards of corporate governance.  The End of Year Networking Mixer entitled Charting the Course was held at the corporate office of CCGI on 14 Alcazar Street, St. Clair on November 19 2015.

    The mixer featured honoured guests that included Mr. Elton Prescott S.C. of M.G. Daly & Partners, Mrs. Amoy Chan Fong former Deputy Governor of the Central Bank, Mr. Tim Stew, High Commissioner of the British High Commission and key note speaker Mrs. Ingrid Lashley – Managing Director/Chief Executive Officer of the Trinidad & Tobago Mortgage Finance Company Limited.

    In her address, Mrs. Lashley indicted ”Good governance must begin with a code of conduct that speaks to respect and discipline and we, as messengers, must ensure that we do our part to ensure that the  message is broadcast until it becomes an integral part of our culture, our process and our lives”.

    Dr. Axel Kravatzky, Chairman of the CCGI reminded attendees “As we all know organizations that are well directed and controlled, perform better. The ultimate purpose of CCGI is for people across the Caribbean to experience their organizations and societies as well directed and controlled and they benefit from the fruits of their labour. CCGI’s work is powered by, consists of, and develops leaders you can trust. The other ingredient necessary for trust to grow is values. Values are the fundamental reason for us coming together as an Institute and as a community this evening. Welcome to the journey!”

    The event was held through the patronage of EY (Trinidad and Tobago) and Intercommerical Bank Limited of the JMMB Group. Attendees were tasked with cracking the 011415 Code that provided paramount excitement. Next year promises more events of this kind each with a riveting agenda.

    Step up and join up by visiting us on the web at by clicking our Membership Tab.

    Honoured Guest and Key Note Speaker: Mrs. Ingrid Lashley chats with Mr. Leslie Clarke and Mr. Ronnie Bissessar both Directors of the CCGI. 

    Mr. Leonard Birmingham of the Virgin Group chats with Dr. Axel Kravatzky, Chairman of the CCGI Mr. Richard Saunders Campus Registrar of U.W.I. 

    Denise Deonarine, Chief Executive Officer of the CCGI presents honoured guest Mr. Elton Prescott S.C with a token of appreciation. 

    Chief Executive Officer of the CCGI, Denise Deonarine presents honoured guest Mrs. Amoy Chan Fong with a token of appreciation.

    Mrs. Jacqueline Quamina Group General Counsel of Republic Bank and CCGI Director chats with Mr. Tim Stew, High Commissioner of the British High Commission and CCGI Member Jason Gordon. 

  • 04 Nov 2015 1:22 PM | Deleted user

    The CCGI Membership is steadily increasing.

    We would like to welcome the following new members to the Institute.

    • Adedayo Akande - University of Health Sciences Antigua 
    • Deborah Akande -  University of Health Sciences Antigua 
    • Keisha Baij-Ramsamooj- Intercommercial Bank Limited 
    • Robert Boopsingh- Eschaton Management Services Limited 
    • Karen Carew- Reinsurance Company of T&T Ltd (TRINRE) 
    • Vasantha Chase- Chase Consulting 
    • Randy Connor - RCC Barbados Kingdom 
    • Derrick W Cummins - J&T Bank and Trust 
    • Anthony Flynn - Lazarri and Sampson Ltd 
    • Jason Gordon - Caritrack Ltd 
    • Christina Hyatali - Reinsurance Company of T&T Ltd (TRINRE) 
    • Nicola Joseph - Independent
    • Colleen Murray - Independent 
    • Pernel Roberts - Trinidad and Tobago United Drag Races Association 

  • 04 Nov 2015 10:24 AM | Deleted user

    Denise brings with her over 12 years of experience in the business development, marketing and legal support services arena to the Caribbean Corporate Governance Institute. She is an alumnus of the University of London holding her BSc. Management (Hons.) and is currently pursuing her Bachelor of Laws.

  • 16 Oct 2015 12:00 PM | Administrator

    The Mandate - 1h:37min Radio Show

    Mariano Brown, former Minister in the Ministry of Finance of Trinidad and Tobago, and Dr Axel Kravatzky, Chairman of the Caribbean Corporate Governance Institute discuss the governance of state owned enterprises.

  • 15 Oct 2015 4:00 PM | Administrator

    I95.5 Drivetime - Importance of Corporate Reporting in Corporate Governance

    Chairman of the Caribbean Corporate Governance Institute (CCGI), Dr Axel Kravatzky, on importance of corporate reporting and corporate governance.

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