PHILIPSBURG:— Educating individuals on the principles of Corporate Governance continues to be the top priority for the Council of Ministers. Recently the second pilot program for young professionals was launched. In the virtual kick-off session, the Minister of Finance, who has been at the forefront of this initiative, delivered the introductory remarks. During the first in-person session, the Prime Minister, Ms. Silveria Jacobs, extended a warm welcome to the 16 selected candidates.
The training program is a result of discussions within the Council of Ministers on ways to expand the pool of potential candidates for Supervisory Board of Directors (SBOD) positions and equip young professionals with the necessary theoretical knowledge for future SBOD positions. Furthermore, preparations are underway to provide a similar training program for a group of civil servants. This will help them both understand the fundamentals of corporate governance and provide better support to their respective Ministers as part of the Shareholder representative.
To emphasize the significance of Corporate Governance, the Council of Ministers itself actively participated in a comprehensive and intensive course on the fundamental principles of effective corporate governance. The Council of Ministers received an in-depth briefing on the role of the Council of Ministers as representative of the shareholder or stakeholder in the Government-owned Companies. This included elucidation on the division of tasks and responsibilities and the Shareholder’s information position and interactions between the Council of Ministers, Parliament, Managing and Supervisory Boards.
The program for young professionals covers a range of topics, such as the significance of integrity and strategies to mitigate conflicts of interest. It also addresses issues related to liability, including director’s liability and liability of the Ministers in their role as representative of the shareholder or stakeholder. Furthermore, the program also addresses risk- and reputation management, highlighting potential pitfalls and providing guidance on avoiding them. Topics that will also be shared with the Council of Ministers.
To read more: https://smn-news.com/index.php/st-maarten-st-martin-news/44162-corporate-governance-training.html
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