Tara Archer-Glasgow of Higgs & Johnson, at the invitation of the Ministry of Finance (MOF), was pleased to organize and facilitate, in conjunction with the MOF team, two training seminars on Corporate Governance for Board of Directors of State-Owned Enterprises (SOE) and Agencies. The Deputy Prime Minister, Hon. Chester I. Cooper, gave opening remarks and was followed by the Financial Secretary, Simon Wilson, who brought the welcome and explained the purpose of the Training seminar. Nathaniel Beneby, one of the lead organizers, gave the invocation. Higgs & Johnson speakers included: Oscar N. Johnson, Jr., K.C. (Co-Managing Partner), Tara Archer-Glasgow (Litigation Chair), Christel Sands-Feaste (Financial Services Chair), Alexandra T. Hall (Government & Regulatory Affairs Chair) and Keith O. Major, Jr. (Maritime & Aviation Deputy Chair) with litigation associate, Fola Swain, lending assistance to the team.
The seminar provided a comprehensive overview and detailed analysis of the law addressing good corporate governance which included understanding the Roles and Responsibilities of the Board of Directors of a SOE and a focused on the new legislation, the Public Finance Management Act, 2023 (PFM Act). The attorneys also discussed the requirements of Government office holders, the serious consequences with respect to breaches of duties and how it is admirable to serve in harmony with the Executives of the SOE.
Speakers reinforced that best corporate practices should always be followed stating that whilst the general principles regarding Directors’ Duties continue to apply, the practical steps required to comply are changing. It was recommended that all public officers become familiar with the provisions of the PFM Act when they accept a Board appointment. They were encouraged to continue to operate with their usual high standards, being ever mindful of the changing legal landscape, and global corporate governance practices.
