Last Saturday, the Caribbean Corporate Governance Institute held a breakfast seminar entitled, “An effective Board – the Chairman’s Role” held at the Hyatt Regency.
The discourse was chaired by Kamla Rampersad de Silva, CCGI CEO, who also gave the opening remarks. Our Chairman, Angela Lee Loy spoke on “The role of the Chairman”and the feature presentation – “An effective Chairman”was conducted by Mr. Anthony Isidore Smart, Chairman – First Citizens Bank. The event ended with a panel discussion moderated by, and included, Nigel Romano, Chairman – National Flour Mills, Ronnie Bissessar, Chairman – CCGI, Our Chairman, Angela Lee Loy and Mr. Anthony Isidore Smart.
Angela Lee Loy, depicted a Chairman as being the leading representative to present the policies, initiatives and aim of an organisation with the collaborative support of the Board of Directors. It is important for the Chairman and the Managing Director to provide mutual assistance with all, “moving forward, upward and onward together.” She further explained the structure of the Board must make accommodation for millennials.
It is essential to strike a balance within the structure of the Board, in relation to; Executive and Non-Executive Directors. Independent expertise of each Board member is important and some factors to take into consideration in respect of a board’s composition include the industry, nationalities, age and even gender. These factors impacts the public’s perception of the Board and, internally, it impacts the Board’s view on equity, how efficiently it functions and the network of contacts and resources available for effective decision-making.
Written by Samantha Daroga