THE Private Sector Commission (PSC) and the Caribbean Corporate Governance Institute on Monday inked a Memorandum of Understanding (MoU) that will see both parties partnering this year to host a series of corporate events.
According to a release, the signing took place at the Hyatt Regency in Port of Spain, Trinidad and Tobago.

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.
Ramesh Dookhoo, Corporate Coordinator of the PSC and the Chief Executive Officer (CEO) of the Caribbean Corporate Governance Institute, Denise Deonarine, were at Monday’s forum.

Deonarine noted that “the institute is elated to join forces with the Private Sector Commission of Guyana through this MoU”.
Guyana, she said, is a critical part of the English-speaking Caribbean, which is the geographical focus of the institute’s mandate.

“In an era where both the private and public sectors 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,” Deonarine said.

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 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 sectors 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 interests of the companies they serve, and the third-party resources entrusted in their care.

Corporate governance, she said, 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 [sic] with corporate sustainability. Corporate governance is more than mere compliance, it is about directorial professionalism, strategic and entrepreneurial thinking from the top. It is in essence directing and not managing a business,” Deonarine said.

This year, the two bodies will be manifesting their partnership in a series of joint corporate governance events. This includes its inaugural breakfast seminar on May 23, 2018 at the Guyana Marriott Hotel, Georgetown, from 07:00 hrs to 11:30 hrs.
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 Alison Dillon Kibirige.

According to the release, Kibirige 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.
The Caribbean Corporate Governance 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 part of a solution-oriented ecosystem that fosters good corporate governance within the Caribbean Region.
The institute aspires to enhance professional standards in all boardrooms in the Caribbean. To this end, the institute focuses 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 have focused on family- owned governance, governance for state-owned enterprises and women in governance.