Join us in congratulating Mrs. Lisa Gale on achieving her Chartered Director’s Designation in Corporate Governance. On achieving such a feat the BCCI’s Executive Director was also invited to join the newly established Caribbean Institute of Directors,(CIoD).  Below is her article on Corporate Governance and it’s purpose in the business world.

Today I am proud to say that I have completed the Chartered Director’s programme from the Caribbean Governance Training Institute and have the privilege of being granted the designation C. Dir. I have also recently joined the newly established Caribbean Institute of Directors,(CIoD) from September 2016. I am quite happy as this will allow me to broaden my scope while contributing to the further development of the BCCI Board and boards in general in Barbados. In this position I can share my capabilities and assist by advancing best practices in Corporate Governance that are needed in this region.

Corporate Governance is not a new issue but is a relatively new discipline which needs to further penetrate this landscape.

One thing which was stressed during my training is that “Boards are strategic assets of Caribbean organisations, that education makes better directors, that better directors make better boards and that better boards make better Caribbean organisations”.

I am a strong believer in continued professional training. Since receiving formal training at the University of the West Indies in Economics for a bachelor’s degree I then completed a Master of Science in International Trade Policy. I have since completed several professional training courses. I cannot stress enough how important training and development are if employees want to bring their best assets to the fore. This training in Corporate Governance has left an indelible impression on my mind as it transcends my work at the BCCI and can be used in any management or board position I undertake. I now have a greater understanding and benchmarking against best practices in governance. In addition to an understanding of essential questions that board members of Caribbean organizations should be asking their staff and outside experts.

The actual training programme was rigorous in order to become a Chartered Director. Do not be mistaken. In pursuing the programme one has to go through intense training that includes such subjects as the principles of Good Governance, Roles, Responsibilities and Accountabilities, Basic Financial Literacy, Strategic Thinking Vs Strategic Planning, Risk Management, and CEO Succession to name a few. I first became aware of this field of study with the Caribbean Corporate Governance Institute (CCGI) where I completed a module in 2014. The next module was months away and I wanted more. This set me on a path to enquire of the training options in Corporate Governance and when the Caribbean Governance Training Institute (CGTI) was offering all of the modules in a shorter time period I jumped at that option… and voila!

Over the last two decades with the growth of not-for-profits many persons and entities must have a clear understanding of the rudiments of corporate governance as many decisions are made daily with very little understanding and know-how and these decisions have the potential to have detrimental impacts on the organisations. Persons ought to have a good grasp of setting up a board, the rudiments of a board structure, how to run a board, how to prepare minutes, and how to structure meetings etc. These things are not widely known and can go a long way in sustaining the continuity and transparency of an organisation.

In reflecting on this specific designation and being a part of the CIoD I am pleased to know that I have been offered a chance to be a part of this important body. I have always seen myself as a regionalist and to be an official of this Caribbean organisation is inspiring.

The plan of the institute is to be an organisation that is uniquely tailored to the needs of Caribbean Boards, senior executives, not only in private sector but also in public organizations including corporations, not-for-profits, educational institutions, and both governmental agencies and commissions.

I hope to use this new training and will advance, however possible, the governance of the BCCI and other boards or committees I am a part of. It has definitely improved my understanding of roles, strategy development, risk management and board evaluation, legal duties and essential responsibilities of a director and the Board.

I take this time to also congratulate Marsha and Philip Lewis who were also a part of the Barbados contingent which successfully completed the programme in that cohort.

I take this opportunity to wish you all the best of God’s blessings during the Christmas season and prayer for a prosperous 2017 for your businesses, families and associates.

This article has also been featured in the Chamber Biz Newsletter – December 2016 edition. Click  here to access your copy today.