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.