Corporate governance code soon to be implemented

ORANJESTAD – In connection with the integrity vision, the government has split its plans into 3 sections;

  • Bureau Integriteit (Office for Integrity); This office will create awareness of the do’s and don’ts according to the rules of integrity within the public and private sector. This office also serves as the receiver of reports, both about issues according to the integrity rules as well as those against these same rules.
  • Integriteitskamer (Chamber of Integrity); This chamber will serve as inspecting authority for all major decisions that need to be made by the Government like in public tenders.
  • Corporate Governance Code; These are the rules of integrity that are applicable for both public and private sector, as regards the public companies and private sector.

The Central Bank is currently preparing the law for the Government and has recently presented a draft to the Council of Ministers. All aspects of the law were presented by the Central Bank. They have also advised a monitoring entity consisting of the Secretary of the General Audit Room, Director of the Central Accounting Service and many top executives of our community. This monitoring entity should provide requested and unrequested advice to the Government. All advice given should be made public, increasing the level of transparency with the Government and its companies.

Now that the Government has received the draft, they will start the process of implementation.  There is still a lot that needs to be done to have everybody on the same page. An assessment will be done to see how far the current situation is compared to the desired situation in the new Law. Once the facts are known, a plan will be made to close the gaps within the state companies and state institutions, and together implement the new law in 2021. State companies should not wait until 2021 but can apply the new law with an anticipatory policy.

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