Published On: Mon, Feb 25th, 2013

Curaçao Corporate Governance Seminar Draws Large Audience

Karel FrielinkWILLEMSTAD – Kurá Hulanda was the scene of the seminar on “Checks and Balances in Corporate Governance on Curaçao”, on Thursday February 21st. More than 125 interested directors, accountants and other participants were in attendance.

The seminar was organized by The Board of Financial supervision (College Financieel Toezicht - CFT), the Foundation Bureau for Supervision and Standardization Government Entities (Stichting Bureau Toezicht en Normering Overheidsentiteiten - SBTNO) and the Dutch Caribbean Accountants Association (DCAA).

The objective of the organizers was twofold: to (1) enhance awareness concerning the Corporate Governance Code and (2) to shed light on the obligations of governmental corporations and foundations.

The participants received ample information on the Ordinance Corporate Governance and the Corporate Governance Code from the speakers Erik van Engelen and Marloes Kempes (CFT), Donald de Palm (SBTNO), André Delger (DCAA) and guest speaker Karel Frielink. Chairman of the seminar was Etienne Ys of CIFA.

Special attention was given to the task, responsibilities and competencies of the three company parties (shareholders, Board of Directors and management). The role of these parties within the margins of their responsibilities and competences was emphasized.

The independent position of particularly the members of the Board of Directors, who should act without mandate or instruction of the one who appointed them, was discussed extensively. Also the limits of possible interference by shareholders received a great deal of attention.

Cooperation between all parties and entities involved is of great importance for a sound implementation of the Code and compliance with the Ordinance and the Code. Moreover, considering the experiences gained, an evaluation of the code is recommendable. The Ordinance Corporate Governance and the Corporate Governance Code can be downloaded here.

Source: Dutch Caribbean Business

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