Last Friday, Aegis held its 2nd Governance Conference at Hyatt Trinidad. View full story via Trinidad Express News below or via link here Procurement act will save country billions yearly – Trinidad Express (newsmemory.com)
Trinidad and Tobago stands to save between $2 – $7 billion in annual expenditure with the effective implementation of and adherence to the Procurement Act. The savings, said former Chairman and Procurement Regulator of the Procurement Board of Trinidad and Tobago, Moonilal Lalchan, can be redirected into critical areas of the economy such as health care services, infrastructural works and education.
Lalchan was a guest speaker at the Aegis Business Solutions Limited’s Governance Conference 2023, entitled “Regulatory Compliance for Digitalisation”, which took place at the Hyatt Trinidad Conference Centre last Friday (July 28th, 2023).
The Chartered Accountant and career public servant delivered a comprehensive and candid presentation to the more than 200 participants on the provisions of the Procurement Act, and how businesses can ensure they are compliant with the Act.
He said the Procurement Act plays an important role in promoting transparency, trust, and efficient business operations, adding that the regulations drive compliance and reinforce the objectives of the Companies Registry Online System (CROS).
Lalchan stressed the need for companies to sign on to the Procurement Depository.
“We have heard a lot about the issue of prequalification; it’s so difficult, you’re getting real problems to qualify. The question is, have you ever really seen what happens in the private sector when you have to prequalify? Sometimes your documents are as big as that (gesturing with his hands), but you do it because if you don’t you cannot get through the gate, and you would not be invited. So that’s all we’re saying,” he said.
The former Procurement Regulator explained that the Act was geared to remove bureaucracy in the pre-qualification process, adding that when a company is prequalified once, it is accessible to all public entities.
Also speaking at the Governance conference was the National Chief Digital Officer of the Ministry of Digital Transformation, Wendell Mitchell, who spoke about the government’s strategy and progress in the digitalisation of the public sector.
Mitchell outlined the foundations upon which the Digital Transformation programme was built and encouraged participants to “trust the platforms” even as he stressed that companies should never “collect more data and information from their clients than they need”.
“There is information that we will put on Facebook and social media that we are not willing to put on a government website. We have to be careful and protect our data,” he added.
In her welcome remarks, Aegis chairman, Angela Lee Loy, said the event was geared to provide participants with valuable information and keen insights into the dynamic world of corporate governance, compliance, and the ever-evolving landscape of regulations.
“As businesses continue to navigate through the complexities of the global market, staying informed and adapting to changes become paramount to success,” Lee Loy said.
Lee Loy also noted that the conference was particularly important for small and medium-sized businesses. “Our primary goal is to equip SMEs with the right tools to enhance their governance practices, foster organizational resilience, and seize emerging opportunities. We will guide SMEs and provide actionable insights and best practices to help them achieve sustainable success.”
Angela Lee Loy, chairman of Aegis Business Solutions Limited with guest speakers and participants at the Aegis Governance Conference on Friday at the Hyatt Trinidad. From left: Betty-Ann Maloney, Tax Officer, Board of Inland Revenue; Nigel Stoddard, Director, Financial Intelligence Unit; Angela Lee Loy; Moonilal Lalchan, former Chairman and Procurement Regulator; Stacy Adams, VP Investor Services, InvesTT Limited and Wendell Mitchell, National Chief Digital Officer, Ministry of Digital Transformation.