CAACM CONFERENCE EMPHASISES GOOD CORPORATE GOVERNANCE
St. Lucia, TUES. JUNE. 29, 2015: The Caribbean Association of Audit Committee Members (CAACM) successfully completed its 9th Conference and Annual General Meeting held in Antigua during the period June 11th – 12th. As a primary objective, the CAACM conference provides a forum that enables Directors, Internal Auditors, Compliance Officers, External Auditors and Industrial Professionals to ventilate and resolve common challenges of corporate governance through education, sharing and networking.
The 2015 Conference, held under the theme “Progressing Corporate Governance from Compliance to Competitive Advantage” was officially opened by Mr. Ronald Maginley, Chairman of the Financial Services Regulatory Commission of Antigua & Barbuda. In his address, Mr. Maginley highlighted to the delegates that good corporate governance practices begin with individual self-assessments of what is considered ethical behaviour and morally correct practices in business. He stressed the need for managers and principals of businesses in the Region to simply “do what is right” in the discharge of their duties, particularly as it relates to duties of fiduciary responsibility.
The first day comprised of two workshops covering the topics – “Risk Based Approach to IT Security & Control Assessment” and “Risk Management Techniques and Strategies” respectively. The workshops alerted the participants to hot topics in Information Technology risk, with Cyber Security emerging as the most topical issue of the day. Additionally, special emphasis was placed on the role of the Board of Directors in Risk Management systems within the modern day organization.
Day two of the Conference featured the Hon. Gaston Browne, Prime Minister and Minister of Finance & Corporate Governance of Antigua and Barbuda, who re-emphasised the importance of good corporate governance and its resultant impact on the growth of a country as well as on private sector organisations. The Prime Minister cited concrete examples of bad corporate governance as well as good governance and highlighted the results. Good corporate governance, he said, “…improves investor confidence and ultimately impacts the level of foreign direct investments into Regional economies.”
The participants, in particular, the Banks and financial institutions, were challenged on the impending requirements and impact of the implementation of International Financial Reporting Standard (IFRS) 9 and the benefits of Data Analytics. This Standard is poised to have extensive changes on Banks and financial services institutions from 2018 with respect to provisioning requirements for lending practices. Some other key topics passionately discussed were: Corporate Reform; Building a World Class Audit Organisation; and enhancing Governance through Internal Audit Activities.
The CAACM wishes to express sincere gratitude to all participants, presenters, and sponsors for supporting the 2015 Conference as the organization continues to promote the development of good Corporate Governance practices and principles to ultimately enhance the investment environment in the Caribbean.
The CAACM is a community of audit committee members and corporate governance professionals in the Caribbean / CARICOM region. Its ultimate objective is to improve the investment environment in the Caribbean, by increasing the level of confidence of investors in the integrity of financial reporting and investor information.
Contact: Mary Popo, Secretary
Tel (758) 452‐2877