COCI board, management take corporate governance training | THE DAILY HERALD

The COCI team that participated in the training.

PHILIPSBURG–The St. Maarten Chamber of Commerce and Industry (COCI), as part of its overall strategic plan of operational efficiency, held a training session for its board and management on the principles of corporate governance – laws and regulations.

The session was held on Saturday, May 20, at the COCI conference room and was conducted by former Lt. Governor Franklyn Richards who, COCI said in a press release, has a wealth of knowledge on the subject matter.

COCI’s board and management acknowledge corporate governance principles to be a core pillar for business functioning.

“Not only is compliance with regulations and policies propelled by the application of good corporate governance principles, but also business processes, procedures and administration are undertaken in a sound manner. The knowledge and proper application of these principles results in better-run companies and organisations in which core values are created and continuously developed to protect entrepreneurs, shareholders and business relations in their interaction called business,” COCI said in the press release.

COCI emphasised that as an evolving economy and practically young institution, there is a dire need for boards and directors to understand what good governance practices are and how to implement to ensure that they have sound governance systems in place.

“COCI is of the opinion that [for – Ed.] an entity’s board and management that are on a recurring basis, corporate governance training is to be enjoyed by all incoming, new members and serve also as a refresher for sitting members. In addition, the necessary mechanisms must be implemented to support the continuous application of the principles of good corporate governance in everyday operations.”

Under its theme for 2023, “Build 2023, Build Business”, COCI said it will make training in corporate governance principles accessible to a larger contingency of the business community.

“Most forums organised have a threshold for participation due to the participation fee

often charged. Corporate governance must be adhered to in all segments of our business community and so greater access must be created,” the COCI president said. The application of the principles of corporate governance permits organisations to assess the strength of their own governance protocol and identify needed changes and improvement, all in an effort to become effective and resilient in turbulent times.

“COCI will, as part of its support and engagement with the business community, have sessions open to all stakeholders on the topic of corporate governance in the near future,” said the COCI president.

Source: The Daily Herald