The Handbook of Board Governance, 2nd Edition

60CARICOM (Caribbean Community) Governance

Ronaele Dathorne-Bayrd

Regional Corporate Services Leader, PwC in the Caribbean; Partner, Tax and Legal Services, PwC in the East Caribbean

Introduction

The rapid pace of globalization and the strides made by CARICOM¹ toward the establishment of the CARICOM Single Market and Economy have made it imperative that the governments and private sectors of Caribbean jurisdictions focus their collective minds on the area of corporate governance. Thus far, there has been a failure to fully acknowledge the impact of this concept, and indeed way of doing business, on the economic viability of corporations, the investing public, and thus the growth and potential of entire commercial sectors and the developing economies they serve.

The region must continue to embrace the increasingly international character of investment. International cross-listings and flows of capital enable companies to access financing and capital from a much larger pool. However, if our corporations are to position themselves to take advantage of this widening pool, to reap the benefits of the local, regional, and global capital markets, their corporate governance policies and practices must be well established and, to the greatest extent possible, in accordance with international best practice. This requirement will increasingly apply to local and regional investment pools, as Caribbean investors become more sophisticated, knowledgeable, and acutely aware of the standards ...