00:00You know, I should also mention, Urvashi, that the State Enterprise Performance Monitoring Manual that was prepared in 2011 and which has been a source of guidance to state enterprises over the last few years,
00:17this manual was, in fact, developed under a government led by Kamala Prasad-Bissesson. And so they have demonstrated in their previous term in office a very important level of not just awareness, but care and concern for guidelines in corporate governance.
00:39And therefore, one would hope to see a continuity of that kind of focus and therefore ensuring that there's enough training, not just for directors.
00:54I want to take the opportunity to say, even line ministers, they need to know where their line stops, because there have been examples in the past of ministers of government who try to interfere in the running of boards,
01:10get the resources of the organization used for their purpose, as opposed to the organization's interest. And these are things that sometimes they're unaware is not allowed.
01:21Our panel discussion tomorrow features Claire Gomez-Miller from Trinidad and Tobago, and Claire has substantial board experience, both in state enterprises and the private sector.
01:33We also have Robbie Rambaran from Guyana and Camille Facey from Jamaica sharing on those experiences.
01:42So Guyana has a lot of similarities to practices in Trinidad and Tobago. But I want to say that Jamaica is a little bit different. Jamaica has legislation, recent legislation, in that it was passed in 2021.
01:59It's called the Public Bodies Management and Accountability Act. And this is really good law. This is a legislation that says directors for state boards must first have training in corporate governance.
02:18So what Jamaica has done is they've created a database of persons who have offered themselves for service, but who have training in corporate governance.
02:28And therefore, that database is where government would look to for resources when it comes to their selection of directors for state boards.
02:40Also, that act goes on to speak about balance in terms of gender, that at least there be a 30% gender, both ways, male or female, because we have so many brilliant women now that you can have a board with only women, but you want to have that gender balance.
02:58It also speaks to maintain a third of the board whenever there is a change in boards, so that there is a great amount of continuity with the board.
03:12And this is important because in Trinidad and Tobago, we have seen instances where state enterprises don't get boards.
03:19And so they function for more than a year without a board. And this really is a big challenge for the management team,
03:27because the resources of the organization, there needs to be oversight.
03:33But not only that, management needs the approval of the board for a lot of the major projects that they may be undertaking.
03:43And without a board, this prevents a lot of those things.
03:46So let me ask you, do we have this type of legislation? Is it just a matter of updating our legislation, revising it?
03:53Or is it something that needs to be introduced altogether? And would you lobby? Would you support that?
03:59Absolutely. I would support the government looking at legislation of this nature.
04:04We do not have it in Trinidad and Tobago in any means.
04:08And so we can look to what Jamaica has done and consider the ways in which Jamaica...
04:14I want to tell you, on the whole, Jamaica has been pretty much on the forefront of corporate governance in the Caribbean region.
04:22There's a lot we can learn from them.
04:24It was Jamaica, for instance, that had the very first corporate governance code in 2006.
04:29And they've continued to update their code every three years as this international best practice.
04:36In Trinidad and Tobago, we have the 2013 code, which was updated last year.
04:39So there's a 2024 code of governance now.
04:42Let me also ask you, what would be the sentiment at different state boards at this point in time?
04:49I did speak to ministry staff who spoke about a level of anxiety, anticipation, uncertainty.
04:56You don't know if this board is going to take a U-turn.
04:59Do you just continue in the interim?
05:02Is it like a down period that you're just waiting on your new mandate?
05:06Yes, that is exactly the sentiment that we know is happening across a lot of state enterprises.
05:15And this is unfortunate.
05:17But the reality is that we are still a maturing society.
05:23You know, this is only the fourth time we have had a change in government since independence.
05:30And therefore, a lot of these practices are still relatively new.
05:35So any recommendations?
05:38Well, I know that under this whole Westminster system, you know, the winner takes the spoil.
05:46But I would really like for government to consider that there's a different practice.
05:52And it's one that functions right now in Curacao.
05:55So it's out of the Dutch Caribbean, you know, not English speaking, but it's still such an excellent example.
06:00So in Curacao, there is a state enterprise code, which speaks to the fact that appointment of state enterprises is done in a very meticulous fashion that involves different stakeholders.
06:17So anyone can recommend for persons to be appointed to state boards.
06:24But there's a particular independent body which would consider all of these recommendations.
06:30And that body would also look at the specific state enterprise, consider the balance of skill mix that is required on that state enterprise.
06:39And that it is that state enterprise that gives the final approval on the on the appointment of directors.
06:49And therefore, what it means is that although government, too, is making recommendations for directors on those state enterprises, it in effect means that the appointment is not made by government.
07:03And therefore, when governments change, the boards are not impacted because there has already been a thorough process of review and consideration for the appointment of those boards.
07:14Ms. Rampasad de Silva, I need to thank you so much for taking time out from your activities of today to share that insight with us.
07:25I certainly appreciate it.
07:26We will definitely remind viewers of your panel discussion tomorrow.
07:30And of course, when you return to Trinidad and we're starting up a new show, we would love to have you with us here in person to speak about some of those other things that the Institute is doing.
07:39Thank you so much.
07:40Absolutely.
07:41You're most welcome, Urvashir.
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