CorpGov Initiative

SCROLL DOWN

CorpGov Initiative

About

Guides

Tutorials

Assessment

About CorpGov Initiative

In October 2012, the Energy Chamber successfully launched and started activities with its Improving Corporate Governance in T&T project.

This project was initiated in 2011 when the Energy Chamber embarked on implementing an Inter-American Development Bank – Multi-lateral Investment Fund project aimed at improving the corporate governance practices in both private and public interest companies within T&T. It also focused on the facilitating the creation of an ethical, non-corrupt business environment that would reduce excessive levels of risk promoting a competitive and stable economy.

In 2012 the Energy Chamber established the terms of reference and sent out request for proposals (RFPs) to shortlisted firms for consulting services for the development of practical guidelines on corporate governance standards, delivery of training and sensitization workshops, development and implementation of an evaluation methodology of corporate governance practices amongst Energy Chamber members and other companies in Trinidad and Tobago.

After the process of request for proposals was completed, Syntegra Change Architects Limited in collaboration with Ernst & Young Limited emerged as the successful consultancy firm. After contract negotiations the contract was successfully signed and started in October 2012 with a project cycle of sixteen months (February 2014).

The project consisted of four major objectives:

To build institutional capacity of targeted companies particularly at the level of Senior Management , CEOs and the Board of Directors to facilitate their compliance with the current and regulatory framework;
To strengthen corporate governance practices by documenting and disseminating information and models of international best practices;
To strengthen the public’s capacity for advocacy and monitoring of governance practices;
To create training models allowing replication and expansion of training efforts on the application of corporate governance standards and practices for Directors and Managers.

These major objectives were then further expanded into four action components such as:-

Developing practical guidelines on corporate governance guidelines;
Training and sensitization workshops targeting CEOs and senior management of state enterprises, special purpose companies, publicly listed and private companies;
Sensitization campaign for key stakeholders and
The evaluation of the implementation of guidelines and the dissemination of results.

Based on these components the consultancy firm developed a series of easy to use guides to T&T specific best practices in corporate governance with a target market of at least 500 decision makers from at least 50 companies plus a wide range of relevant stakeholders including the media, are exposed and trained in these guidelines. They will also develop and implement a method for continued evaluation of corporate governance practices among Energy Chamber member and other companies.

At the start of the project the Consultants undertook an analytical review of the existing legislative and regulatory framework that governs corporate governance activities in Trinidad and Tobago. In the process of information gathering, the Consultants conducted meetings with the CEO’s and senior management of our member Companies.

Activities completed under the corporate governance project cycle:

Creation of a simple evaluation tool to collect current data and to be used in the future for continued evaluation of corporate governance practices among Chamber members
Creation of an ‘easy to read’ guide and training materials on corporate governance standards and practices. This will be developed in a web base format and available on the Energy Chamber’s website
Development of training materials into short multi-media courses to be delivered via the Energy Chamber.
Delivery of a series of one day training workshops for Board members, Company Directors, Senior Management and other company decision-makers based on materials developed.
Delivery of training and information dissemination sessions for stakeholders including watchdog groups, members of the media, auditors and interested persons.

For further information and to register for the upcoming training workshops and sensitisation sessions please contact Andrew at the Energy Chamber, at 679 4782 ext 29 or email andrew@energy.tt