Latest update December 25th, 2024 1:10 AM
Latest News
- Guyanese losing millions from Govt. and Opposition’s failure to to manage oil sector
- ‘Guyana’s Stabroek Block success is like a Michelin Star Restaurant’ – Exxon official
- Gaza appeals for help as Israeli army attacks key hospitals
- Face the Press, Mr. President!
- State makes application to revoke Brutus’ bail
Canada’s departure from Guyana is grossly exaggerated — High Commissioner
Some of the participants at yesterday’s seminar
By Tusika Martin
The Canadian International Development Agency yesterday hosted a ‘Corporate Governance’ seminar, during which Canada’s High Commissioner to Guyana, Charles Court, used the opportunity again to reassure Guyanese that that country is in no way trying or attempting to distance itself from support to Guyana.
During his opening remarks to some of the country’s preferred businesses both in the public and private sector, the High Commissioner said rumours of Canada’s departure is ‘grossly exaggerated.’
He pointed out that Canada will continue to be active in Guyana, exploring ways to promote the country’s economy, its social sector and add to the benefit of the local population.
The seminar was hosted to discuss the importance of corporate governance in private and public enterprises.
Under the theme, ‘Towards Transparency and Accountability,’ participants discussed issues relating to the Evolution of Corporate Governance, Irresistible Case for Corporate Governance, Legal Framework and Institution Governing listed Companies in Guyana among other subjects.
Minister within the Ministry of Finance, Jennifer Webster during the opening ceremony, said that the seminar can be considered most opportune, since it allows both the Private and Public sectors to come together to examine Guyana’s positions, in the face of the global economic downturn.
More important, she added, the seminar provides the opportunity for the business community to identify ways and means to improve and promote corporate best practices, locally, and regionally as part of CARICOM.
Much work has begun in the area of corporate governance in the region, she added.
“Some countries are at different stages of developing and finalising their Corporate Governance Initiatives and Guyana’s Draft Code are still to be finalised.”
It is in this context, she said, that the Canadian International Development Agency’s (CIDA) Regional Programming Strategy has identified the region’s socio-political environment as one of its weaknesses since it “threatens the region’s governance capability to keep pace of emerging challenges marked by a lack of public sector accountability and broad-based citizen participation.”
The Strategy also pointed out that the efficiency and effectiveness of legal and justice systems are inadequate while civil society organizations are weak in terms of policy-making inputs or service delivery.
In light of this analysis, Webster told the gathering, it is imperative that the business sector, thoroughly examine Guyana weaknesses in the face of the current economic situation that threatens Guyana’s socio-economic stability, security and the achievements to date.
“We must consolidate our efforts to create synergies that will combat the negative impact of the existing crisis, whilst making timely use of the opportunities that present themselves.”
This, she added, could only be realised through meaningful and aggressive cooperation at the local and regional levels with all the relevant stakeholders and the support of development partners.
Guyana, the junior Finance Minister said, welcomes CIDA’s support in providing guidance in the area of Corporate Governance.
There is a high level of confidence associated with a country, which is known to have institutionalized good corporate governance.
Good corporate governance, she added, is one of the criteria that foreign investors increasingly depend upon when taking the decision whether to invest or not.
Having a clean image induced by sound corporate governance practices makes it easier for companies to source capital at reasonable costs, the Minister added.
“These growing trends therefore, indicate the need for Guyana to improve on the efforts made to date in this area by forging ahead to adopt the corporate governance practices that are best suited to our environment.”
The seminar was facilitated by David Simpson, Principal of Inter Praxis, a Canadian owned socio-economic consulting firm specializing in sustainability advisory and assurance services.
Simpson is also a former Executive Director of the Centre for Ethics and Corporate Policy, and has carried out both national and international engagements on the subject of corporate responsibility and sustainability.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Merry Christmas, Ya Filthy Animals!
Peeping Tom… Kaieteur News- Ah, Christmas—the season of goodwill, good cheer, and, let’s not forget, good riddance!... more
Breaking the Chains of Poverty: A need for political will
By Sir Ronald Sanders Kaieteur News- The year 2024 has underscored a grim reality: poverty continues to be an unyielding... more
Weekend Cartoon
