Canada funds training for best practices on corporate governance
A week long high level training on governance for State Owned Enterprises (SOEs) in the Caribbean was launched on Monday by the World Bank’s Supporting Economic Management in the Caribbean (SEMCAR) program. More than 10 countries are participating in the “SOE Academy” hosted by the University of West Indies and financed by the Government of Canada.
“The World Bank is proud to support this initiative with a cadre of experts and international mentors who can bring international best practices about the potentials and challenges of State Owned Enterprises,” said Kathy Lalazarian, World Bank’s Acting Country Representative for Jamaica. “The training is focused on problem solving experience where participants are examining real life case studies and learning new tools and strategies to tackle a variety of issues such as ownership structure and oversight models, strengthening board of directors, fiscal risks, financial reporting and financial performance assessment,” she added.
State Owned Enterprises (SOEs) across the Caribbean have been established to deliver a wide range of essential services to citizens, from electricity and water to education, health, financial services, and public works, among many others, while adhering to principles of good corporate governance, transparency and accountability.
The training is being delivered by leading practitioners with a long career in this field in several countries in Latin American, as well as international experts from the World Bank and the IMF’s Caribbean Regional Technical Assistance Centre (CARTAC). Each country team will table a major problem of its national SOE sector, and be paired mentors who are experts in that topic. The goal of the exercise is to create regional solutions to common challenges using a hands-on approach to the enhancement of economic management in the region.
The 50 participants in the SOE Academy come from Antigua & Barbuda, Barbados, Belize, Dominica, Grenada, Jamaica, St. Kitts & Nevis, St. Vincent and the Grenadines, St. Lucia, Trinidad &Tobago the event will also be attended by representatives form four African countries: Ghana, Gambia, Mozambique and the Seychelles.