Trinidad and Tobago is on course for a new National Corporate Governance Code. A draft of the code is now available online and open for public comment. According to the Chief Executive Officer (CEO) of the Trinidad and Tobago Stock Exchange, Wain Iton, the Trinidad and Tobago Stock Exchange, the Trinidad and Tobago Chamber of Industry and Commerce, and the Caribbean Corporate Governance Institute partnered to develop the National Corporate Governance Code for Trinidad and Tobago following the release of the 2011 study done by Syntegra Change Architects Limited, in collaboration with United Nations Conference on Trade and Development (UNCTAD).
The draft code, which was prepared by a working group chaired by retired Justice Roger Hamel-Smith, provides principles, recommendations and guidelines that together form standards of best practice for companies with ‘public accountability’ in Trinidad and Tobago. Although the principles of the code are universal, the guidance provided is tailored for voluntary adoption by companies on an ‘apply or explain basis’. ‘Apply or explain’ means that the companies either apply the principles or explain why they are not applying them. According to Iton, the intention is to encourage publicly listed companies in Trinidad and Tobago to lead by example, adopt the code, and include a section in their annual reports detailing their compliance practices.
Further details about the draft code and how to give the required feedback are available here.