New Corporate Governance Code Coming for Guyana

PSC and CCGI Sign MoU to Update 2011 Code

In a significant move to enhance corporate governance standards across Guyana, the Private Sector Commission of Guyana (PSC) and the Caribbean Corporate Governance Institute (CCGI) have formalised a partnership to revise Guyana's Corporate Governance Code. Established in 2011, the existing Code laid an important foundation but has seen limited adoption in the local business community.

This collaboration signals a renewed commitment to aligning corporate governance practices with international standards while addressing the specific needs of Guyana's rapidly evolving business environment. Under the agreement, the CCGI will serve as the secretariat, working closely with the PSC and key stakeholders to modernise the Code.

PSC Chairman, Komal Singh, emphasised the importance of this initiative, stating:

"Good governance is the backbone of sustainable economic growth and social development. This revised Code will empower businesses to strengthen their governance frameworks, enabling them to play a more effective role in Guyana’s development during this pivotal period of growth."

Echoing this sentiment, CCGI CEO Kamla Rampersad de Silva highlighted the broader significance of Corporate Governance Codes:

"These Codes promote transparency, accountability, and responsible decision-making, ensuring the interests of all stakeholders are protected. This project is an important step in advancing governance standards in Guyana."

The signing of the MoU with the PSC coincides with another landmark partnership: the CCGI will also sign an MoU with the Institute of Directors (IOD) India, establishing a framework for global collaboration on advancing corporate governance practices.

To commemorate these historic partnerships, the CCGI hosted a cocktail reception at Duke’s Lodge, Georgetown, on Tuesday, November 19, 2024. Members of the media were invited to attend this momentous event.

Regional and Global Leadership in Governance

Guyana’s Corporate Governance Code will join others in the region, including those in Jamaica and Trinidad and Tobago. On October 24, 2024, the CCGI collaborated with the Trinidad and Tobago Chamber of Industry and Commerce and the Trinidad and Tobago Stock Exchange to launch the 2024 Corporate Governance Code for Trinidad and Tobago.

The updated Guyana Corporate Governance Code will be developed through a consultative process involving diverse sectors, ensuring that the final product reflects the dynamic needs of the country’s corporate landscape.

Driving Positive Change

The revised Code aims to be a cornerstone in fostering trust, resilience, and ethical business practices across Guyana. It is anticipated to strengthen corporate responsibility and drive economic and social progress, positioning Guyana as a regional leader in governance standards

For more information, you can reach out to:

From CCGI: Kamla Rampersad de Silva

Chief Executive Officer

Caribbean Corporate Governance Institute

1-868-399-5694 Kamla.Rampersad-deSilva@caribbeangovernance.org

From PSC Guyana:

Komal Singh

Chairman

+5926234161

gaico@bbgy.co