As Anguilla continues to measure up to the challenges of globalisation, another step has been taken to underscore its commitment to good business practices and development. This time it has done so through a one-day seminar and discussion forum on Corporate Governance held at Paradise Cove on Tuesday, April 26.

Cross-section of the participants in the seminar

The event brought together a large number of representatives from the Anguilla Government, statutory bodies, banks and legal firms.

Speaking at the opening ceremony, Director of Social Security and Chairman of the Steering Committee on Corporate Governance, Timothy Hodge, gave background information on the seminar. He said it arose out of a Caribbean Corporate Governance Forum which for the past 18 months had been a focus of regional policy-makers and business practitioners. The initiative is being sponsored mainly by the Eastern Caribbean Central Bank and the Eastern Caribbean Securities Exchange in collaboration with CARICOM.

Main Facilitator Mr. Keithley Lake

At a meeting in St.Kitts in March this year, a working group agreed on a statement of principles for Corporate Governance to be further developed and adopted by the entire region. Steering Committees were set up for the various islands. Anguilla’s Committee, chaired by Mr. Hodge, has as members John Benjamin, Preston Bryan, Johanne Hodge, Gloria Kelsick, Yvette Wallace, Heather Ritchie and Maglan Richardson. Rosanna Browne provided invaluable services to the Steering Committee. Mr. Hodge said it was that committee which organised this week’s seminar in Anguilla.

Marcel Fahie, Permanent Secretary in the Ministry of Economic Development, spoke on behalf of Minister Victor Banks. He said among other matters that the underlying thinking behind Corporate Governance was that it had to do with ethical business values and behavior, giving attraction and confidence to investors and ensuring good business practices.

A section of the participants in the seminar

Attorney General, Ronald Scipio, also spoke at the opening ceremony. He gave a detailed insight into Corporate Governance from a legal standpoint. He noted that the principles involved were readily embraced in the United States, the United Kingdom and various European countries.

Mr. Scipio observed that in Anguilla the Companies Act accommodated some aspects of Corporate Governance, making it mandatory for directors to have regard for the interest of employees and shareholders. He pointed out, however, that the provision was only to the extent that by doing so, there would be no conflict in acting in the best interest of the company.

L-R: Attorney General, Ronald Scipio, Marcel Fahie and Timothy Hodge

Parts one and two of the Corporate Governance Seminar were conducted by Attorney Keithley Lake. Later was a discussion on the Principles of Corporate Governance moderated by Marcel Fahie and a wrap-up session facilitated by Attorney Yvette Wallace and Timothy Hodge.

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