Private Sector Commission

Press Release PRIVATE SECTOR COMMISSION OF GUYANA AND THE CARIBBEAN…

Press Release

PRIVATE SECTOR COMMISSION OF GUYANA AND THE CARIBBEAN CORPORATE GOVERNANCE INSTITUTE SIGN MEMORANDUM OF UNDERSTANDING

The Private Sector Commission of Guyana and the Caribbean Corporate Governance Institute signed their inaugural Memorandum of Understanding (“MOU”) on Monday 9th April, 2018 at the Hyatt Regency Trinidad, Port of Spain.

The purpose of the agreement is to use the complementary objectives of both entities and arising synergies to foster exemplary models of corporate governance in Guyana.

Officials present to execute the MOU included Mr. Ramesh Dookhoo, Corporate Coordinator of the Private Sector Commission of Guyana and the Chief Executive Officer of the Caribbean Corporate Governance Institute, Ms. Denise Deonarine.

The Caribbean Corporate Governance Institute (“the Institute”) is a membership based organisation for governance professionals. It is headquartered in Trinidad. The Institute is a duly incorporated, not for profit company that is self-funded. Established in 2012, the Institute is dedicated to being a part of solution oriented ecosystem that fosters good corporate governance within the Caribbean region. The Institute aspires to enhance the professional standard in all boardrooms in the Caribbean. To this end, the Institute focus on executive education and professional programmes, co-authoring standards and guides and advocacy. The Institute has co-authored the Trinidad and Tobago, Corporate Governance Code and has hosted corporate governance events that focussed on Family Owned Governance, Governance for State Owned Enterprises, Women in Governance and offers its Certificate in Corporate Governance.

Deonarine noted that “the Institute is elated to join forces with the Private Sector Commission of Guyana through this MOU. Guyana is a critical part of the English-speaking Caribbean, which is the geographical focus of the Institute’s mandate. Many of the entities in the region, face similar corporate governance challenges.

In an era where both the private and public sector are being asked to do more with less, it is critical to collaborate with like-minded organisations that want to preserve and foster the well being of the region. The Private Sector Commission of Guyana was the right for this given their objectives and tenacity with pursuing them.”

Dookhoo advised that “the Commission is equally pleased to partner with the Institute given its independent work as a self-funded entity. Our focus remains on addressing national issues and influencing policies that which will promote socio-economic growth and development. Corporate Governance is one of those issues that the Commission wants to bring to the forefront. It is a must in Guyana and the region as a whole. Fostering an even greater regard for corporate governance in practice in both the private and public sector in Guyana is critical given our commercial trajectory and the expectations of international bodies.”

Deonarine went on to share that “organisational leaders on boards have a statutory and fiduciary responsibility to act in the best interest of the company’s they serve, and the third-party resources entrusted in their care. Corporate Governance should be a core pillar of any serious-minded organisation because it assists boards and executives alike with defining how to go about achieving this in a value-added manner. At the heart of corporate governance is the premise that organisational trust amongst current or future shareholders, international investors and talent works in tedium with corporate sustainability. Corporate governance is more than mere compliance, it is about directoral professionalism, strategic and entrepreneurial thinking from the top, it is in essence directing and not managing a business”

The Private Sector Commission and the Caribbean Corporate Governance Institute will be manifesting its partnership in 2018 with a series of joint corporate governance events. This includes its inaugural breakfast seminar on May 23, 2018 at the Guyana Marriott Hotel, Georgetown from 7:00am to 11:30am.

The Corporate Governance Seminar is entitled “Leading With A Progressive Perspective” that will be delivered by international faculty member of the Institute and global expert of Corporate Governance Mrs. Alison Dillon Kibirige. Mrs. Dillon Kibirige in delivering the keynote address will be challenging the attendees to consider their perspectives on corporate governance, global trends, what makes an effective board and if the expectations of board members are truly being met. In July, 2018 both entities will host a full day corporate governance seminar dedicated to Family Owned Businesses with a focus on Succession Planning.

Interested parties can contact the Private Sector Commission via telephone at +592-225-0977 or email at office@psc.org.gy. Registration can be done online at www.caribbeangovernance.org under the events tab.

Pictured Below: Mr. Ramesh Dookhoo, Corporate Coordinator of the Private Sector Commission of Guyana and the Chief Executive Officer of the Caribbean Corporate Governance Institute, Ms. Denise Deonarine shake hands after executing the MOU.

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