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Corporate Governance
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Author: Hubert Edwards
Date: June 2008
People have been talking about “Ethics” for a long time but…what is it? And why has it taken on such an important role. A standard definition of “Ethics” is:
- A system of moral principles or values
- The rules or standards governing the conduct of members of a profession, group, organization, etc.
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Author: Suzette Hemmings
Date: August 2006
The growing emphasis on corporate governance and its importance to the viability of an organization operating in today’s global economy, will be the driving force to effect the necessary changes in how business enterprises respond to the need for greater accountability and transparency in the management of their organizations. Corporate governance is not new to most large organizations. Public listed companies and companies operating within the financial services sector are required to adhere to corporate governance guidelines that are issued by the Regulators. In its simpliest form, corporate governance practices may have been implemented in other organizations, however, the quality of governance and the extent to which it is monitored and enforced may have relegated it to a lesser corporate framework.
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Author: Hubert Edwards
Date: December 2003 |
The Central Bank of the Bahamas’ (the “Central Bank”) guidelines on corporate governance will crystallize at midnight, December 31, 2003, a mere fifteen days from today. On December 1, 2003, the Central Bank, in a letter to its licensees, notified them the elimination of the requirement for auditors to “certify” the assertion the Board will make as to the effectiveness of its corporate governance process. This move, on the face of it, presents, possibly, a less expensive alternative to financial institutions but have effectively eroded, from the point of view of these institutions, what the author considers to be a “safety net”. |
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The involvement of auditors would have been extremely beneficial especially for institutions with governance systems which are yet to be clearly defined and entrenched. Not, however, that the removal has in no way undermined the effectiveness of the guidelines.
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Speech by Hubert Edwards at THE ROTARY CLUB OF NASSAU WEST
MEETING – BUENA VISTA
Date: July 31st, 2003
Starting back in 2001 the world has experience some of the largest financial scandals in history. Enron and World Com amongst others, has forever changed the way boards and senior executive are viewed. In response to these incidents regulators worldwide have taken a more stringent and forceful approach to the regulation of various sectors and business types, namely financial services and public companies. In the United States there is the Sarbanes Oxley Act with similar type legislation being contemplated in many other jurisdictions. It is against this backdrop that I want to explore with you today how these issues are impacting us here in the Bahamas.
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Speech by Hubert Edwards at THE BAHAMAS ASSOCIATION OF COMPLIANCE OFFICERS LUNCHEON
Date: July 1st, 2003
"Corporate Governance is undoubtedly timely and discussion necessary as we draw increasingly closer to the end of the year. It is at this time that the requirement for certification as outlined in the Central Bank of the Bahamas Guidelines will crystallize. It is also at this time that the typical Bahamian boardroom will, in my mind, be forever changed."
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Author: Hubert Edwards
June 2003
Corporate governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as, the board of directors, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company’s objectives are set, and the means of attaining those objectives and monitoring performance. The board of directors provides the engine that drives the corporate governance process.
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Author: Hubert Edwards
Date: June 2002
Subsequent to being included on the Financial Action Task Force list of non-cooperative jurisdictions in the summer of 2000, the government of The Bahamas has undertaken a comprehensive overhaul of its financial legislation. Taken together, at least ten pieces of legislation were either amended or enacted between that point and December of the same year. The changes have significantly improved and enhanced requirements relating to anti-money laundering controls and “know your customers’ requirements together with the legislative and regulatory framework of the country. Consequently, The Bahamas now ranks amongst the best-regulated offshore financial centers jurisdiction around the world.
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Author: Hubert Edwards
Date: December 2000
Following the inclusion of the Bahamas on the Financial Action Task Force list of non-cooperative jurisdictions in the summer of 2000, the Bahamas government has undertaken a comprehensive overhaul of its financial legislation. As a result, at least ten pieces of legislation were either amended or enacted by December 2000.
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