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ACCA Caribbean forum stresses need for best business practice

19 Mar 2010

Around 60 company directors have attended a corporate governance forum jointly hosted by ACCA Caribbean and the Business Development Company Ltd (BDC).

The event, which took place at the KAPOK Hotel in Port of Spain on 2 March, featured insightful presentations by Arthur Lok Jack, chairman of Guardian Holdings Limited, and Colin Wharfe, PwC partner, and offered delegates the opportunity to share their views and experiences.

ACCA member Christien Sahadeo FCCA was one of the speakers at the event, and explained how employing effective corporate governance and best business practice is vital both for maximising growth and minimising the abuse of power, employment, discrimination, mistreatment of shareholders and poor accounting practice.

'Directors, regulators and shareholders, but also policymakers and the general public, need to pay more attention to corporate governance,' said Sahadeo. 'This tells us how firms operate, their motives and principles, their reporting lines, who they are accountable to and how they manage profit, remuneration and in the case of many financial firms, other people's money. When times were good, too many people took their eye off the ball and now we see the consequences.'

The forum was well received by delegates, with many expressing a desire for similar events in the future.

'Under the auspices of our signed agreement, ACCA is proud to partner with BDC on events such as this one,' said Shane Kissoon, ACCA Southern Caribbean manager. 'It is a clear indication of the commitment of both bodies to play a significant role in the development of the local business sector, especially with regard to fostering an environment of good governance, accountability and transparency.'

Albert Chow, BDC president, added: 'We at BDC believe that strengthening the performance of the leadership of a business is directly related to its overall performance and competitiveness. Enhancing business competitiveness is our raison d'être.

'Therefore, we actively seek partnerships with stakeholders, such as ACCA, who can assist us in increasing our reach and intensifying our impact on the business community.'