Corporate Governance Framework Strengthened

Corporate Governance Framework Strengthened

The Government took steps to strengthen the corporate governance framework with the development of new rules to guide the nomination,    selection and appointment of public Boards.

• Cabinet approved the guidelines, which are in keeping with its commitment to public-sector reform and are aimed at improving accountability and transparency in Government operations.

• Among the provisions are retention of at least a third of the previous Board of       Directors to ensure continuity in governance, even if there is a change in      policy; that persons  appointed to Boards have expertise in activities in which the public bodies are engaged; minimum representation of 30 per cent of each gender on every public board; and that a minimum of 25 per cent of the board must be considered independent as defined in the regulations.

• Directors’ appointments will also be limited to three public bodies, and chairmanship will be restricted to two.

• By the end of the year, the Chief Parliamentary Counsel had completed the first draft of the guidelines, which the Ministry had commenced reviewing.

Close Menu